Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Rightmove removes listing for garden shed advertised as £160,000 one-bed flat
Read how Rightmove has taken down a listing after a Twitter follower pointed out the property, although it remains available for sale on Zoopla.
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Mortgage-funded first time buyers are now half the property market
Read how research by the Yorkshire Building Society has revealed record numbers of first time buyers purchasing homes with a mortgage.
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Mortgage approvals drop dramatically, latest figures show
The number of mortgages approved during November 2018 was down by nearly 11% year-on-year as Brexit worries continues to cause problems.
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Cut out avocados, property firm urges first time buyers – sound familiar?
Home moving services firm ReallyMoving has bravely suggested that wannabe home owners cut out the luxuries to get on the ladder.
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London exodus gathers pace as first time buyers flee high house prices
The capital’s crazy house prices are forcing more Londoners to look further afield when buying their first home, it has been revealed. Last year they bought property worth a combined total of £30 billion outside of the capital, the highest level since 2007. This includes 74,350 homes, 3.8% higher than in 2017, the research by Hamptons International shows. It also reveals that one in five Londoners moving out of the capital chose to settle in the Midlands and North. This compares to 15% in 2015 and just 7% in 2008. But three quarters of first-time buyers escaping London’s high house prices stayed in the South of England, where the most popular town was Broxbourne in Hertfordshire. This was followed by Sevenoaks in the South East, Bath in the South West and Daventry in the Midlands. The allure of moving out of London for first time buyers is easy to see; while the average price of a home in London is £629,012, according to Rightmove, the average price of a home bought by fleeing Londoners outside its borders was £398,910 in 2018. But this is 37% higher than in 2007, despite considerable softening in house prices within the capital recently. “Historically most…
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Signs of a happier New Year? House prices and new homes registrations increase
Promising house price and new homes registration increases have been reported by the Land Registry and NHBC during the run up to Xmas.
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Christmas slowdown ‘more severe’ as politicians squabble over Brexit
The NAEA has blamed growing weakness in the housing market on the continued polticial uncertainty being created by Brexit.
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Number of overseas landlords halves to 5.5% of buy-to-let market
The proportion of overseas landlords within the UK buy-to-let property market has halved to 5.5% this year, half the figures in 2010.
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Brexit bearing down hard on housing market, says RICS
In November the number of new sales listings coming on to the market fell at the fastest pace in over two years while the average estate agent stock level remains at a record low of 42 properties, says the Royal Institute of Chartered Surveyors (RICS). Brexit uncertainty and a lack of supply in the market are the main reasons for the current problems being experienced by its members, although among comments submitted by agents alongside the report, 70 out of 135 of them highlight Brexit-related problems. “I can’t recall a previous survey when a single issue has been highlighted by quite so many contributors,” says Simon Rubinsohn, Chief Economist at RICS (pictured, above). His survey features few nuggets of hope for the industry, revealing an overall weaker trend in the sales market both for supply and demand when compared to last month. Weakening sales It also expects the sales market to weaken in the coming three months, although it says prices are continuing to rise and a more stable market is expected later this year. Nevertheless new buyer enquiries weakened last month, as did new instructions, while the time it takes to sell a property stands at 19 weeks, the…
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UK’s terrible broadband service is laid bare by report
The extent of the UK's terrible broadband speeds has been revealed detailing how millions of homes suffer low speeds and are being rejected by home buyers.
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