housing market
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Features
What happened to the traditional Autumn price ‘bounce’?
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Hold on to your hats! The Autumn ‘bounce’ has not happened this year and is unlikely to do so now, but if demand falls, supply may as well, blowing a chilly wind through the market.”
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Latest property news
House buyers rejoin the market, but where are the properties for sale?
The number of house buyers increased significantly during January, the latest data from NAEA Propertymark has revealed. It says that while property supply remains at its lowest since July last year, the number of buyers increased by 10% compared to the month before, although the number of first time buyers decreased. “January saw a surge in buyers looking to kick off the New Year with a new home – but competition is rife with an average of 11 buyers chasing each property,” says Mark Hayward, Chief Executive of NAEA Propertymark (pictured, left). This increase in the number of home movers looking to buy has not fed through to sales yet; the number agreed per branch rose by just one to eight, on average. The significant imbalance between supply and demand – 425 prospective buyers per branch versus 38 properties for sale – drove up agreed prices and seven percent sold for more than their asking price, the highest level since April last year. “The increase in the number of properties selling for more than asking price in January could be a result of heightened interest and the fact there is simply not enough housing to meet demand,” says Mark. “When the…
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Features
2017: Stability and a level playing field?
Designs on Property tracks and summarises the monthly property indices.
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Features
On the ground: we report from Bucks, Essex and Ealing
Each month we visit three agents across the country to discover what is happening in their businesses and local markets. This month we meet members of The Guild of Professional Estate Agents in Colchester, High Wycombe and West London.
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Features
Jersey property market: where every deal goes to court
It may be part of the British Isles but Jersey has a rather different process when it comes to buying a property there.
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Latest property news
Autumn Statement: 40,000 new homes promised
40,000 new homes on their way – that was a good start to The Chancellor’s Autumn Statement. The Government has, again, increased its drive for more affordable housing to help to address what he described as a chronic shortage. The Chancellor echoed the pledge by Theresa May, the Prime Minister, to ensure the economy “works for everyone.” Philip Hammond said that the Government had made great efforts but now must go even further, announcing a further £1.4bn funding injection to help thousands more families to buy a home. The Government says that 40,000 new homes will be built as a result of the funding injection, which, with the Help to Buy Equity Loan Scheme and the Help to Buy ISA, will be used to help first-time buyers, sharing owners who wish to move on. He said that they will abandon the rigid framework set by the current Affordable Homes Programme, with the £4.3bn of current and £1.4bn of additional funding allocated “flexibly” between existing shared ownership and affordable rent schemes. Previous plans indicated that 88pc of funds would be used to build at least 135,000 homes for shared ownership, which are targeted at families with incomes of £80,000 or less,…
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Latest property news
Bill banning tenant fees gives Minister room to exempt
The National Approved Letting Scheme (NALS) says that the proposed total ban on fees charged by letting agents to tenants may be subject to exemptions following an amendment to the Renters’ Rights Bill currently passing through the Lords. The amendment, which was published on Friday by the legislation’s sponsor, Baroness Grender (pictured, left), said that although a total ban on fees was being sought, she had introduced an amendment to to replace the previous prescriptive list that she says would have led to “new names for charges to get round it” and enable the Secretary of State to allow certain kinds of fees. “If evidence emerges of services in respect of which there is value to the tenant in charging a particular fee, this can be done”, she said. “I do not anticipate any such fees but my new amendment allows for the possibility, if concrete evidence was indeed found that a fee for a specific service would be in the best interest of the tenant in some way”. NALS believes this is significant development because it appears to recognise the legitimate charging of reasonable fees by letting agents setting up tenancies. “This amendment is a welcome one. NALS has long campaigned…
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Features
Housing market treading water
Designs on Property tracks and summarises the monthly property indices. Kate Faulkner says, “There’s mixed feedback from the industry as Brexit fears discourage movers.”
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Latest property news
500,000 homeowners aged 55+ want to move but don’t
One in five (19per cent) homeowners aged 55 or over considered moving in the past two years but have not done so...
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Features
Brexit: Gloom, doom or boom?
Andrew Symington, Managing Director, Symington Elvery looks at Brexit and the long term impact on residential property.
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