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Latest property news
London to be hit by triple whammy as experts predict soft property market during 2018
House price rises will slip behind inflation this year by half a percent across the UK and 1.6% in London, it has been predicted by over 30 leading property market experts. News agency Reuters, which polled the unnamed experts last week, says continuing worries over Brexit and weak consumer spending will subdue house price rises and investment confidence in the property sector. “Would-be sellers are holding onto assets for longer and buyers are being a little more diligent before committing to significant expenditures, all this against a backdrop of inflation-surpassing wage growth,” says Rod Lockhart of online mortgage firm LendInvest (pictured, left). Reuters says a majority of the experts it polled believed that the effect of the UK’s planned exit from Europe on London had been to decrease sales turnover, but that the picture was less clear nationally. Eleven of the 18 experts who answered the question on property sales said London’s turnover would decrease this year, driven by huge affordability problems, Brexit but also the government’s tax-hikes for landlords. “Quite simply, with loan-to-income ratios for first time buyers sitting at around four times, average salaries of £33,000, and your average flat in London costing over £500,000, it’s extremely difficult…
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Latest property news
80% of smaller builders have disappeared since 1998, research shows.
The number of estate agents doing business in the UK has had its ups and downs over the years, but its cyclical woes are nothing compared to those of smaller builders, it has been revealed. Eighty percent of all smaller builders have gone out of business over the past 30 years, the research by online property marketplace LendInvest shows. It say there were 12,200 smaller house builders in 1998, a figure which had fallen to 5,700 by 2006 and to 2,400 by 2014. The company says that by increasing the number of smaller builders in the UK back up to 5,000, some 25,000 extra homes could be built every year. This follows a recent House of Lords enquiry that discovered eight of the largest builders in the UK construct 50% of all homes built each year. “Decades of successive governments’ under-investment and muted decisions, coupled with a planning system that defaults to favouring larger sites over small ones has cumulatively left UK housing in a dire situation,” says Christian Faes, CEO of LendInvest (pictured, left). London’s smaller builders In London, agent Kinleigh Folkard & Hayward reckons that while 66% of all new home developments in the current pipeline are being…
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