Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Hard brexit WILL harm the housing market, say industry leaders
A survey of developer and estate agents has revealed the latest industry opinions on how Brexit will impact sales, lettings and construction.
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House prices to flatline in 2019, predicts Rightmove
The average house price will neither rise nor fall in 2019 as growth in the north is cancelled out by corresponding drops in London and its commuter towns.
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Rent reductions increasing as tenants negotiate harder, says ARLA
The number of private rented sector tenants negotiating rent reductions has jumped to the highest since records began, it has been revealed, driven by an increase in stock levels during the run up to the festive break. The Association of Residential Letting Agents, which conducted the research via canvassing firm Opinium, says 3.7% of tenants negotiated a rent reduction last month, up from 2% during September. This is the highest ratio recorded since ARLA began collecting rental supply and demand data in 2015. Landlord increases The number of landlords increasing rents has reduced, too. In August ARLA says 40% of its member agents reported landlords hiking rents, a figure which has now dropped to 24%. This appears to be driven by an increase in rental stock. ARLA says the average number of properties available per agent has increased year on year by 9% and stood at 198 properties last month. Demand is also not keeping up with supply. ARLA says that on average the number of tenants chasing these 198 properties is 71, up from 63 in September. But ARLA’s Chief Executive David Cox (left) says these rent reductions are likely to be seasonal and that rents will ‘creep back…
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Is it right that 21% of tenants must hide pets from agents and landlords asks Kate Faulkner
Read how a campaign led by Kate Faulkner and backed by website Spareroom is calling for landlords and agent to allow more tenants to have pets.
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Slow market has been good for online estate agents, says House Network
Read how estate agency House Network has claimed that the slow housing market has been a boon for hybrid and online operators.
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Transactions to drop by 20% if Brexit negotiations are extended
Read how Paul Smith has predicted the likely outcomes for the housing market for several different Brexit outcome including a no deal.
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Mega mansion ban will just push demand elsewhere, claims leading estate agency
The City of Westminster’s recently-announced ban on super-size mansions and apartment knock-throughs will force buyers to look elsewhere in prime London to build ‘mega-homes’, it has been claimed. The comments come from leading prime estate agency Sotheby’s International following last week’s announcement by the London borough that homes over 150 square metres would no longer be given planning permission. “Russian and Middle Eastern buyers favour these super-size homes more than any other clients and whilst we expect them to continue to purchase in this part of London due to the postcode premium it offers, we may very well find these buyers also looking to new London boroughs where they can still create their dream home,” claims Will Tremlett, Sales Associate at Sotheby’s International (left). Westminster says it has set the new limits on property sizes because mega-homes “under-optimise development of Westminster’s scarce land resource”, it says. “It will still enable generously-sized homes to be developed to meet [demand] from the prime market, but balances that against the other more strategic housing need of the city.” Council madness Sotheby’s is not the only agent to point out the contradictions in Westminster’s new housing policy. Trevor Abrahamsohn, MD of Glentree, says the…
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Price cutting intensifies in housing market as Brexit and Xmas break loom
The latest house price index from Rightmove reveals faster-than-usual seasonal softening of prices as Brexit continues to wreak havoc on confidence.
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‘No pets’ tenancy clauses driving thousands to place cats with leading charity
Read how the UK's biggest cats welfare charity has launched a campaign to persuade letting agents and landlords to allow pets in rented homes.
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‘Brexit limbo’ continues except in lively Midlands newbuild housing market, official index reveals
Read how stamp duty and brexit limbo are being blamed for a continuing sluggish housing market around the UK, except in Midlands where prices are rising by 6%.
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