Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
-
Why did Hammond continue his attack on landlords, wonders lettings industry
Read how several senior members of the lettings industry have spoken out following the 2018 budget to wonder why Hammond hates landlords.
Read More » -
Budget 2018: First time buyers given extra stamp duty exemption boost
A move to abolish the stamp duty paid by those buying homes via a shared ownership scheme for less than £500k is only major housing policy in budget.
Read More » -
Hope for a housing-focused budget evaporate as Hammond so far swerves ‘broken’ market
Philip Hammond’s pre-Budget briefings have so far been largely bereft of the housing sector policies that many had expected. Only one has been revealed so far. The Chancellor says local authorities will be given powers to compulsorily purchase smaller plots from big developers who sit on them, and hand them to smaller house builders. Hammond has chosen to keep many headline-grabbing policies under wraps until his main speech in the past, but the stark lack of any major housing market policies is surprising. The government has spent much of this year promising to fix the UK’s ‘broken’ housing market including regulating the industry harder and balancing the rental market more in renters’ and first time buyers’ favour. Philip Hammond Ideas discussed in recent weeks as potential Philip Hammond voter winners include offering landlords capital gains tax-free sales if they sell their buy to let properties to a sitting tenant, and backing for Lord Bird’s Creditworthiness Assessment Bill, plus further funding and support for first time buyers. Other ideas include tax incentives for landlords who offer longer-term tenancies, a delay to – or scrapping of – the Section 24 tax relief reductions facing landlords, and an easing of stamp duty for…
Read More » -
Hybrid estate agents help push down average sale fee to 1.18%
Read how hybrid estate agents and the financial crash have helped lower the average fee charged by estate agents over the past seven years.
Read More » -
Housing market just about clinging on, reports Bank of England
The property market has been softening across the UK as homes take longer to sell in particular higher up the property ladder, the Bank of England has reported. Its latest quarterly assessment of the UK economy reveals fewer transactions and weaker house price inflation in many areas and a continuing shortage of stock. But the bank says that the housing market remains strongest in the north and in particularly Scotland, and that in general sales of newbuild homes are stronger than resales, helped at the lower end of the market by Help to Buy. The report also says that cheaper homes are selling best while more expensive properties are struggling, reflecting the impact of recent Stamp Duty changes on the housing market. “Some house builders reported slightly weaker demand and the need for greater use of incentives, especially for higher-priced properties,” the report says. The Bank of England also says the rate at which new homes are being built slowed in some regions, although the construction of homes for the student market remains strong. It also says sales of new cars, white goods and homewares have weakened significantly, which the bank blames in part on reduced housing market activity. “In…
Read More » -
It’s gloat AND gloom as industry debates ‘Brexit effect’ on housing
Leading estate agency Haart has today put the weight of its 150 branches behind an upbeat assessment of the property market since the EU Referendum, claiming buyers remain ‘defiant’ two years on from the vote. The company also attacks HM Treasury for its report published in May 2016 which predicted significant problems for the housing market following a Brexit decision. HM Treasury claimed at the time that higher costs of lending would reduce demand for homes and that prices could drop by between 10% and 18%. Instead, Haart says its research shows that prices have increased by 9% following the Brexit vote and that the company has seen transactions “at their highest for two years”. “EU or no-EU the need to move home will always be there,” says Paul Smith, CEO of Haart. “Brits move for a whole host of reasons including good schools, new jobs and better transport links. “‘Brexit’ is not a word our branches are hearing on the ground anymore, but instead, customers are much more focused on what is happening with interest rates and stamp duty, and for investors, the recent tax changes.” Falling transactions But another report published at the same time as Haart’s this…
Read More » -
Number of cash buyers hits ten-year low as more investors exit market
The number and value of cash purchases of property within the UK has reduced significantly over the past decade, says Hamptons International.
Read More » -
Average house value would be just £164,000 without ‘location, location, location’
The average house value in the UK is up to 68% more than the average cost of rebuilding a property, say insurer Direct Line.
Read More » -
Investment properties offer sweet returns
Investors were out in force at SDL Auctions Bigwood’s 133 lot September auction which raised over £17 million with a success rate of 85 per cent.
Read More » -
Majority of house hunters now say broadband speed is ‘key’ to making offer
Research by Strutt & Parker reveals significant increase in importance of decent broad speed among home buyers.
Read More »
