Bellway on track after strong spring selling period but uncertain rate environment poses challenges June 13, 2023 FTSE 250 Bellway is on track to meet its guidance for the full year after a strong spring selling season even as sales remain well below last year. From the beginning of February to 4 June, the reservation rate averaged 190 homes per week compared to 253 in the same period last year, a fall [...]
Mortgage rates ‘significantly’ increase – but what does it mean for the housing market? May 4, 2023 The number of mortgages being approved leaped in March in another signal that the outlook for the housing market is beginning to recover. Figures released today by the Bank of England showed that mortgage approvals for house purchases rose “significantly” to 52,000 in March from 44,100 in February. Lucian Cook, head of residential research at [...]
London flat sales beat pre-pandemic levels as property market stabilises April 12, 2023 Sales of London flats are up nearly 25 per cent on pre-pandemic levels, according to new data, in a sign that the City’s property market is starting stabilise. In March, flat sales in London were 23 per cent higher than in March 2019 – the first time monthly sales have been higher than in 2019 [...]
Homebuyers in London forced to wait it out as UK housing market slows down April 5, 2023 The average time to sell a home jumped by 15 days year-on-year in March as the UK’s housing market was impacted by increased living costs and soaring inflation. Estate agent Zoopla said homes in London took the longest time to sell with property taking an average of 44 days, likely fuelled by the soaring prices [...]
UK housing model is ‘broken’, says Michael Gove April 3, 2023 The UK’s housing model is “broken”, housing secretary Michael Gove has said. The comments by the senior cabinet minister come in a foreword to a collection of essays by liberal conservative think tank Bright Blue. First reported by the Times newspaper, Mr Gove writes: “We desperately need more homes to bring ownership within reach of [...]
How likely is a UK property market crash and what IS happening with house prices? March 31, 2023 This week prospective buyers were hit with another flurry of less-than optimistic reports about the outlook for the housing market; house prices continued to fall in value and mortgage approvals struggled to get above pre-pandemic levels. Nationwide’s report found that house prices fell 3.1 per cent in March, the largest annual decline since July 2009 [...]
House prices fall in largest annual drop since 2009 as inflation and higher borrowing costs dampen property market March 31, 2023 House prices fell 3.1 per cent in March, the largest annual decline since July 2009 as consumer confidence remained weak and household budgets came under increasing pressure from high inflation. According to data from Nationwide, East Anglia, which was the strongest performing region last quarter, saw a significant slowdown, with prices falling 1.8 per cent [...]
London renters forking out ‘unseasonable’ £570 a week as supply of homes dwindles March 22, 2023 London rent prices have shown no sign of cooling in February, with renters in the capital now forking out up to £570 per week on affordable accommodation costs. According to figures by letting agent Foxtons, a limited pool of supply and challenging economic outlook has forced rent prices up five per cent in the capital [...]
One child in every London classroom is homeless, shock council data claims March 15, 2023 One child in every classroom in London is homeless, on average, shock new data from councils across the capital has claimed. There are 166,000 homeless people living in the capital and of these 81,000 are children, a new report from the London Councils network has claimed. On average, this means one in every 23 children [...]
If you can’t afford your mortgage: What the FCA’s lender guidance means for borrowers March 10, 2023 Successive interest rate rises are increasing mortgage costs for millions of borrowers, according to both regulators, lenders and advisers. One of the main City watchdog shas estimated an extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind. The Financial Conduct Authority has issued final [...]