Housing Market
News covering issues affecting the UK residential property market, house prices, interest rates and buying and selling trends.
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Property market returns to ‘normal’ with strong demand during March
So says the latest research from TwentyEA revealing 70% of property listed in the first 12 weeks of 2023 went on to a sale , the same as the pre-Covid 2019.
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EXCLUSIVE: London agency bags big mortgage beast for launch
East London estate agents Stow Brothers is stepping into the financial services ring with the full launch of Many Hands Mortgages.
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Industry trade bodies jointly back latest BAPSI form initiative
Trade and representative bodies representing estate agency, legal, surveying, and property management sectors have launched the fourth version of the BASPI – the Buyer’s and Seller’s Property Information form.
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Northern Ireland launches unusual hybrid private renting scheme
The NI Communities ministry has published an affordable housing policy similar to that in England which will create an extra supply of homes for its PRS.
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House prices suffer biggest fall in 14 years
House prices fell at the fastest rate in 14 years last month, according to the latest figures from Nationwide. There was a 3.1% drop in March, which is the largest annual reduction since July 2009. Statistics for March show a 0.8% fall from the previous month, which is the seventh monthly drop in a month, and prices are now 4.6% lower than the peak last August. Regional figures show the West Midlands was the strongest performing region in the first quarter, up 1.4%, while Scotland remained the weakest with a 3.1% fall, the Nationwide House Price Index shows. Nine out of 13 regions recorded annual house price declines in Q1. Robert Gardner, Nationwide’s chief economist, says: “The housing market reached a turning point last year as a result of the financial market turbulence which followed the Mini-Budget. “Since then, activity has remained subdued – the number of mortgages approved for house purchase remained weak at 43,500 cases in February, almost 40% below the level prevailing a year ago. “It will be hard for the market to regain much momentum in the near term since consumer confidence remains weak and household budgets remain under pressure from high inflation. “Housing affordability also…
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Foxtons facing rebuild task, CEO tells investors
Guy Gittins told an investors presentation that Foxtons' market share fell because it hadn't made enough acquisitions.
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Outraged agency boss to fight ‘litter’ fines for fallen signboards
Lee Pendleton says estate agents are being targeted, and wants to know if McDonald's and KFC are being prosecuted for litter.
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Will Scotland’s new First Minister be good for estate agency?
Humza Yousaf, the new SNP leader, looks set to continue Nicola Sturgeon's controversial rent cap and evictions ban.
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Cheers Liz! Disastrous Mini-Budget dampens big agency’s results
Pressure on interest rates from the mini-budget forced a small dip in pre-tax profits at Belvoir, down slightly to £9.1 million from £9.3 million, the franchise group reported this morning.
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Mortgage rates ‘set to fall’, but market still volatile, warns expert
Mortgage rates could fall further despite the latest Bank of England increase, but there is still uncertainty about which way it will go, according to a financial expert. Ray Boulger, senior mortgage technical manager at brokers John Charcol, told The Neg there is a good chance that interest rates have peaked at 4.25% as inflation is more under control. But he warns: “The market is so fluid and volatile,” and points to a fall in international gilt rates as an example of how different factors can influence what happens. “There is a lot of nervousness in the banking sector. Gilts are usually one of the most secure investments,” he says. More competitive The Bank of England raised the base interest rate again last week by 0.25% to 4.25%, which was the eleventh consecutive increase. “Over the next couple of weeks the banks will take the opportunity to boost their market share” “Despite the bank rate going up I think mortgage rates will come down. Over the next couple of weeks the banks will take the opportunity to boost their market share and make themselves more competitive,” he says. Boulger also believes that lenders will be more generous with their criteria,…
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