Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Eleven million households ‘stuck’ outside or on property ladder, claims lobbying group
Over 11 million households in the UK cannot progress either into home ownership or up the property ladder for a variety of reasons, according to lobbying group Home Owners Alliance. Its latest research among 2,000 adults suggests that 7.5 million renters are stuck at the start of the property ladder while three million potential second-steppers can’t move and a million retirees can’t downsize. The organisation claims this proves the housing market is “broken at every level”. This is down to higher Stamp Duty, high house prices and a lack of properties available to buy. The detail of the research reveals that 74% of those who rent want to own a home but can’t because either properties are too expensive, they are struggling to save a deposit or can’t get an affordable mortgage. Second steppers Also, second steppers are struggling to move up the property ladder because bigger homes are too expensive and the Stamp Duty bill too high, while retirees can’t find suitable properties to buy that offer the ideal size and amenities they want. Home Owners Alliance’s figures highlight the huge opportunity for the government and the property industry if only homes could be made more affordable, one that…
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More people renting second homes as Stamp Duty cools sales market for bolt holes
Research by Hamptons International suggests more people are now renting rather than buying second homes as government policies take their toll.
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Should Michael Gove’s tough love for the countryside worry rural agents?
DEFRA minister Michael Gove's interview with the Knight Frank blog warns of more change for rural agents after Brexit.
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Is the Brexit effect on the property market beginning to wear off?
The Halifax says Declines in activity are beginning to ease off although despite high employment prices have been starting to soften.
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Agents taking longer to sell million pound homes, says Rightmove
Prime properties in six out of the UK's 11 regions are taking longer to find buyers taking on average 99 days to sell up from 94, the portal says.
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E-petition calling for withdrawal of landlord-bashing extra taxes receives 15,300 signatures in a week
Landlords and property investment expert Mark Homer says he is confident his petition will get the 100,000 votes needed to force a debate in parliament.
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Landlords planning rent rises BEFORE tenants fees bill kicks in
ARLA’s prediction that landlords will implement rent rises rather than pay the government-imposed additional costs of running their rental properties is already turning out to be true, it has been claimed. As the Tenant Fees Bill makes its way through parliament agent MakeUrMove reckons renters will pay an extra £23 a month ahead of the new law kicking in next year as 40% of landlords are forced to raise rents. The landlords affected are mainly those with a single property and who are running the tenancy on tight margins, the agent says. Additional costs As well as landlords soon being expected to pay the additional costs of referencing, inventory checks and contract renewals, many are planning to increase rents to cover the recent extra income tax and Stamp Duty burdens forced on them by the government. These rises will impact some two million tenants this year, it is claimed. But the impact will be heaviest in London, where half of the landlords MakeUrMove canvassed said they were planning to increase their rents. But it’s not much better outside the capital. The research also shows that, for example, in the North East 46% of tenants will see rent rises this year,…
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Agents should stick to lettings and selling flats, suggests Nationwide research
Estate agents should focus on both the lettings sector and selling apartments, according to Nationwide, as the overall sales market continues to show few signs of revival. The comments are published in its latest house price index covering May’s housing market. Overall it reveals a continuing “trickle” of properties coming on to the market and subdued buyer interest. The average house price now stands at £213,600, a 2.4% increase on the same time last year, the index shows. “Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low,” says Robert Gardner, Nationwide’s Chief Economist (pictured). “Overall, we continue to expect house prices to rise by around 1% over the course of 2018.” But several trends picked up by Nationwide should make interesting reading for agents. The UK’s rental sector is to continue expanding despite increased taxes for landlords helping persuade more of them to quit the market over the past year, it says, and that apartments are set to represent an ever greater proportion of the nation’s housing stock. Nationwide’s research confirms that the…
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Super prime London agents sold just 114 properties over past 12 months
Only 114 super prime properties were sold in London over the past 12 months, according to the latest research from Knight Frank.
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Design-led houses sell for 12% more on average, claims agent
Niche estate agent The Modern House says its research shows design-led homes sell for 12% more on average across all price ranges.
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