Stock levels return to record lows as agents warn Brexit continues to weigh on the property market

Brexit remains a “critical factor” swaying buyers and sellers in the property market, estate agents are warning as stock returned to a record low last month. The latest RICS Residential Market Survey found that stock levels returned to their previous lows of 41.8 properties per surveyor estate agent in February, with much of the [...]

2019-03-14T11:33:03+00:00 Uncategorized|

House price growth surges by record monthly high of 6%

House prices grew by the highest monthly rate on record in February, Halifax figures reveal. The latest Halifax House Price Index shows average prices last month were up 5.9% on a monthly basis to £236,800. It reverses three consecutive months of decline. Annual price growth also hit a five-month high of 2.8%, up from [...]

2019-03-08T19:30:57+00:00 Uncategorized|

Mortgage approvals hit record highs in UK regions despite property market lull

Banking trade body UK Finance has unveiled lending data showing how well first-time buyers, home movers and those remortgaging fared during 2018 in the UK regions of London, Scotland, Wales and Northern Ireland. Despite concerns about the property market stalling, the data shows some regions had record levels of approvals for first-time buyers and [...]

2019-02-28T12:10:31+00:00 Uncategorized|

Housing transactions inch upwards as year begins

There were 101,170 housing transactions in the UK in January, HMRC has reported. The figure, on a seasonally adjusted basis, was up by 0.8% on the previous month and by 1.3% on January last year. On a non-seasonally adjusted basis there were some 80,000 transactions, around 0.9% higher than in January last year. Richard [...]

2019-02-22T11:22:26+00:00 Uncategorized|

New asking prices continue to tiptoe up as Rightmove claims affordability has improved for buyers

New asking prices rose 0.7% this month – equivalent to an extra £1,981 on the average price tag. The jump, consistent with the average 0.6% February uplift in the last two years, brings new asking price inflation to 0.2%. With annual wage growth of 3.4% outstripping rises in asking prices, Rightmove concludes that affordability [...]

2019-02-21T11:22:08+00:00 Uncategorized|

Repossessions fall to lowest level for almost 30 years

Repossessions last year fell to their lowest level for almost 30 years. There were 4,580 home-owner possessions, the lowest since 1980. That year, there were 3,480 possessions, and 6.2m outstanding mortgages. At the end of last year, there were 9m outstanding mortgages. In the final quarter of last year, 1,130 home owner mortgaged properties [...]

2019-02-15T10:49:47+00:00 Uncategorized|

Rents on the rise again after their first fall for a decade

The amount of rent tenants paid their landlords dropped for the first time in a decade last year. Research by Hamptons International estimated that tenants paid £59.1bn in rent in 2018, £1.9bn less than in 2017. It is the first such fall in a decade but renters are still paying £29.9bn more than ten [...]

2019-02-12T11:10:07+00:00 Uncategorized|

Stamp Duty surcharge on overseas property buyers

The Government has finally announced how an extra Stamp Duty surcharge on foreign investors would work. The idea was first proposed by Prime Minister Theresa May at the Conservative Party conference last October and then mentioned in the Budget later that month, but a consultation has only just been released. The charge would add [...]

2019-02-12T10:59:22+00:00 Uncategorized|

Proportions of owner-occupiers and private tenants stay the same for fifth year

Proportions of owner-occupiers and private tenants stay the same for fifth year The latest English Housing Survey, which was published yesterday and covers 2017 to 2018, says that of the estimated 23.2m households in England, 14.8m (64%) were owner-occupiers. Most owner-occupiers, 34% of the total number of households, owned outright, while 30% were buying [...]

2019-02-04T14:01:57+00:00 Uncategorized|

Mortgage approvals increase as buyers ‘rush to beat Brexit’

The number of mortgage approvals rose last month, prompting claims of a pre-Brexit rush to purchase a property. Data from banking trade body UK Finance showed there were 26,145 mortgage approvals for house purchase in December, up 5.2% annually. Despite this, a slump in the number of remortgage advances meant the approvals figure across the [...]

2019-01-28T12:03:49+00:00 Uncategorized|