Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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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…
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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…
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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.
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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.
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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.
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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.
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Philip! Charge Stamp Duty by £100k bands, pleads leading industry CEO
Leading property industry boss David Westgate from Andrews believes charging Stamp Duty in £100k bands will revivie sluggish market in many parts of the UK.
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Rents rise across the UK as reduced supply squeezes market
Rents are rising by 1.7% across the UK but decreased supply created by landlord 'exodus' will accelerate rents increaes in the coming months, it has been claimed.
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Leading Scottish agent trials deposit-free renting at PRS apartments
Tenants at a large build-to-rent development in Edinburgh are to be offered deposit-free renting via Canopy by estate agency Rettie & Co.
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Exempt landlords from CGT and boost sales by 440,000 says Tory MP
Tory MP Neil O'Brien's new thinktank Onward claims exempting landlords who sell their properties to long-term tenants will create 400,000 sales.
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