The news surrounding the UK’s property market during April has been interesting, as always. We’ve picked out a few highlights to help keep you abreast of everything need to know!
First of all, we’re going to start with some house price news from the monthly Nationwide and Halifax indices, before moving onto some other relevant reports.
The most recent monthly housing market survey from the Royal Institution of Chartered Surveyors (RICS) was a little different than usual. Instead of focusing on the sales market, the survey opened with details of the residential rental market, showing that while demand for rental property remains robust, new supply of rental homes was weak, once again.
While the UK’s housing market is set to face some severe headwinds from Brexit and President Trump’s term in office, a recent conference hosted by property research firm JLL said that despite that, there would likely be a few Northern hotspots. Birmingham was named among the top three UK cities that could expect a better than average property performance in the next couple of years.
Recent reports show that the front runner in the Conservative leadership contest, Boris Johnson, is planning to make big changes to the UK’s current stamp duty tax system. The idea is to help kickstart the UK’s housing market once more, particularly if the UK exits the EU without a deal in place.
British-based architects are losing confidence as the rate of new work is slowing, a recent survey from the Royal Institute of British Architects, (RIBA) shows. It also highlights a split between northern and southern-based practices, with northern firms more confident than their southern counterparts.
The UK’s housing market is one that’s closely monitored, measured, analysed and discussed. Unfortunately, among those details that feature highly, are broken home purchase chains. And, while there’s often a lot said about sellers being the main culprit, recent data suggests its buyers who are most often the root cause of a property sale falling through.
As the UK’s housing market faces an unusually high level of uncertainty, recent data show a welcome improvement in the fortunes of the country’s first-time buyers in the second quarter of 2016.
A recent survey reports that for four consecutive months, there have been fewer property purchases with a larger deposit and more with a smaller initial down payment. This development suggests that first-time buyers are increasingly making a come-back to the housing market.
After a tough 2017 for many London landlords and agents, 2018 appears to have been a better year for those in the lettings game. The exception to this seems to have been the higher end of the market, which in many cases hasn’t seen the same gains as rentals set at lower price points.
The UK housing market, as so many reports continually show, is not in a good place right now. This stems from there not being enough homes to accommodate the growing population. This single development – a lack of residential properties in the UK – affects all types of people across the country.
As the European Union Referendum looms closer it appears that it’s not just Britons who are considering whether or not they want to stay in the EU. There are growing signs that this important referendum is the cause of increasing uncertainty in the UK’s housing market.
The UK’s housing market is broken. That’s not news and is something that has been discussed, disseminated and dissected for the past few years, particularly by the Government. However, it appears that there is one way in particular to help ‘fix’ the market and that’s custom building.
The UK’s property market and developments are always an interesting topic for investors, home-owners and those hoping to become owners. And, now that we’ve moved into July, it’s the perfect time to look back and see just what happened in relation to the housing market in June.
Thanks to government programmes, low unemployment and cuts to mortgage interest tax relief, there has been a notable surge in first-time home buying, but that means there has also been a precipitous drop in buy-to-let purchases. What does this mean to landlords with an eye towards expanding their portfolios?
As uncertainty over the future of the UK’s relationship with the European Union remains, it appears that its business as usual for the housing market. With over a month since the historic vote, a number of surveys containing data covering activity in July have been published, with the Nationwide house price index among them.
Amid signs the UK’s housing market may be recovering a little from Brexit-induced uncertainty, the same doesn’t appear to be true for the London market. A number of recent surveys have shown that house prices in regions outside of London – the north of England in particular – are rising, while prices in the capital continue to fall.
While the average price of residential property in London is growing only slowly, recent data shows that the values of property in England’s capital still remains far removed from other major UK cities. Indeed, while for the price of one property in London you could buy one much larger one in another city, for the price of all London properties, you could buy up all the homes in a number of other cities.
Builders and providers of homes for the elderly McCarthy & Stone reported in it’s full-year results that, following the UK’s vote for Brexit, reservations are down and cancellations are up.
With so much data on the UK’s housing market, it’s probably caught the attention of those who follow it, that house prices, activity and confidence aren’t doing too well, right now. A number of regular and reliable indexes, are all reporting monthly house price declines along with slowdowns in annual rates of inflation.
As the initial furore over Brexit dies down, things remain far from normal in the housing market. This might work in favour of the potential buyers, but not if they’re expecting sellers to accept very low offers.