Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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AGENT: ‘Overseas buyers rushing to buy before Labour takes power’
Beauchamp Estates has seen a 30% rise in overseas clients enquiring about suitable homes in the Capital that they can buy and get fast-tracked before the Election.
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Estate agents urge BoE to cut interest rates as inflation drops
The target for the headline CPI figure is 2% - set by the Bank of England and central banks across the world – and a drop to 2% had been widely forecast.
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Price reductions continue to blight prime London market
More than 60% of sold properties in South Kensington are being reduced prior to a deal being agreed, compared to 37% in Mayfair & St James’s says LonRes.
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Cheaper properties and northern regions maintain asking price momentum
Rightmove reports prices flatlining after reaching a record high in May with the average price of property coming to the market dropping by just £21 to £375,110.
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Renting still cheaper than buying with a 5% deposit
Mortgage guarantee schemes are in Conservative and Labour manifestos, but their effectiveness will probably be determined by Threadneedle Street rather than Downing Street.
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Chances of UK cut in interest rates slides further after Fed maintains rates
US policymakers indicated that it would not be appropriate to lower rates until they have greater confidence that inflation is moving sustainably toward the 2% target.
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Mortgage delays and long property chains blamed for majority of gazumping cases
Market Financial Solutions boss Paresh Raja says agents, brokers and lenders must work together to reduce the risk of delays and ensure that buyers can secure finance at pace.
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Housing market confidence starts to ebb as Election draws closer
According to the latest RICS market survey, demand is continuing to significantly outstrip supply in the private rented sector creating a huge mismatch and leaving renters with rising living costs.
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Property market upbeat and comparable with 2019 despite upcoming Election
As 4th July fast approaches not only has the property market’s activity proven steady since the Election was called, but it has also remained higher than last year in terms of demand and supply.
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Home-moving costs spiralling with average move now costing more than £50,000
Conveyancing boss Alistair Singer says although it’s hard for first-time buyers home movers also incur a whole range of costs when looking to move up or down the property ladder.
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