Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Post Brexit vote market is still buoyant…but only just
The number of properties on the market has increased by 1% since the Brexit vote but the number under offer has dropped by 2.5% and national asking prices are down by 2% reports Jackson-Stops & Staff. The agent has given its verdict on the post-Brexit vote market after looking at 500,000 properties for sale across the UK. “Three months after the UK’s historic vote to leave the EU, the property market remains alive and active [and] there are more properties on the market today than on the day of the Brexit vote,” says chairman Nick Leeming. Predictions during the EU referendum of a bloodbath in London after the Brexit vote have proved to be inaccurate, the JSS research suggests, as it reveals that asking prices in the capital are down by only 3% since mid-June and that “properties priced below £1m are still seeing high levels of interest”. London’s £2m+ prime market is in less good shape. Only 7% of properties in this price bracket are under agreed offer compared to 36.1% nationally, the JSS research reveals. Leeming says this is down to a range of factors including reduced confidence in the prime property following Brexit and the increased Stamp…
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TDS and Your Move publish rentals research
Half of UK tenants are aged over 46 and average new London rents are now over £1,750 a month.
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We do like to buy beside the seaside…
Most valuable waterside vistas in UK – ocean views attract greatest premium.
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No heatwave for the auction market
The total amount raised from residential auction sales fell by 15 per cent to £325.5million – down £58million on July 2015.
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500,000 homeowners aged 55+ want to move…
One in five (19 per cent) homeowners aged 55 or over considered moving in the past two years but have not done so; equating to more than 2 million homeowners. • 23 per cent of homeowners aged 55 or over who considered moving say lack of suitable housing was the main reason they did not do so. This equates to more than 500,000 homeowners. • The stress and upheaval of moving as well as not wanting to be away from friends, neighbours and community are also obstacles to moving. • Last time buyers may be put off from buying new build homes because they don’t meet their needs. According to the annual Homeowner survey conducted by YouGov for HomeOwners Alliance and BLP Insurance, 6 per cent of homeowners age 55 or older say they have moved in the two past years and a further 19 per cent have considered moving but not done so – the equivalent of more than 2 million homeowners. A lack of the right kind of homes is the main reason for older homeowners deciding to stay put (23 per cent of homeowners age 55+ who considered a move in the past two years say this…
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Countrywide paints a (slightly) gloomy property picture
Economic risks and uncertainty point to house prices falling by 1% in 2017.
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Oh we do like to buy beside the seaside!
Knight Frank’s Waterfront View 2016 report reveals that we Brits really do like to buy beside the seaside, most of all, we like to buy seaside property in Cornwall, Devon and Dorset.
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Homeowners think property values are still rising
Knight Frank/Markit’s latest House Price Sentiment index finds confidence in growth.
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Strewth! Purplebricks launches in Australia
It is two years since hybrid estate agency Purplebricks launched in the UK and since then the company has recruited more than 300 Local Experts, grown revenues to £18.6 million, grabbed a two percent market share and recently claimed a property book value of £2.76 billion. It’s all come at a heavy price. Marketing and advertising costs this year will increase its annual losses to £11.9 million, up from £5.4 million the year before. But the ambitions of backer Neil Woodford and founding brothers Michael and Kenny Bruce seem to know no bounds. As well as predicting a turnover of £73 million and profits of £44m by 2018, it has just been announced that Purplebricks has officially launched in Australia. It will initially focus on two of the country’s juiciest property markets, Melbourne and Brisbane, before rolling out further afield. In its statement released today Purplebricks says Australia’s traditional model of charging 2.2% of the sales value plus marketing-costs makes its offering a ‘compelling proposition’. The company is charging vendors a flat fee of Aus$5,400 to include photography, marketing and advertising on the main Australian portals. “Australia is a natural second market for us to target. It is a large…
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