Category Archives: Housing market

Average asking price for UK home drops by £5,000 in November

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Analysts say market is still relatively busy despite decline of 1.4%, which is unusually high for this time of year

The average asking price for a UK home has dropped by more than £5,000 this month as the autumn budget caused housing market jitters before the usual Christmas slowdown.

Average asking prices from new sellers fell by £5,366, or 1.4%, in November to £366,592, compared with the 0.8% decline usually recorded at this time of year, according to the website Rightmove.

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Leading UK estate agent cuts its longer-term house price growth forecast

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Hamptons says ‘modest’ rises can be expected amid ‘dampening effect’ of higher interest rates overall

Expectations that UK interest rates may stay higher for longer, as well as revenue-raising measures in the budget, have prompted a leading estate agent to cut its forecast for house price growth over the longer term.

The revised forecast from Hamptons came days after Halifax and Nationwide banks said the annual rate of property price growth had slowed, with the former saying it was likely to be “modest … for the rest of this year and into next”.

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Number of homes sold in UK up by a third, says Rightmove

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Autumn price bump failed to emerge as buyers spoiled for choice, with properties on market at a 10-year high

The number of homes being sold is up almost a third, year on year, so far this month, although the traditional autumn price bump has failed to emerge due to buyers being spoilt for choice, with the number of properties for sale at a 10-year high, according to Rightmove.

The number of sales agreed is up 29%, with the number of house hunters contacting estate agents up 17%, despite some market uncertainty caused by the looming budget at the end of October.

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UK house prices hit highest annual growth since 2022

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Nationwide says yearly rise in house prices increased by 3.2% in September putting the average home at £266,094

UK house prices are growing at their fastest annual rate for nearly two years as borrowing costs continue to fall on expectations that the Bank of England will keep cutting interest rates, Nationwide has said.

The building society said prices grew by 3.2% in September compared with the same month last year, well above the 2.4% annual growth recorded in August, and the fastest pace since the 4.4% recorded in November 2022.

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Rightmove rejects £6.2bn takeover offer by Murdoch-backed real estate firm

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FTSE 100 firm turns down fourth offer from the Australian property company REA Group

Rightmove has rejected a £6.2bn takeover offer from REA Group, the Australian real estate firm backed by Rupert Murdoch’s News Corp.

The UK property portal told the City on Monday morning that its board had turned down REA’s fourth offer, having concluded it was “unattractive and materially undervalues Rightmove”.

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‘Planning passports’ that automatically approve high-quality new homes will be a game-changer, says Keir Starmer

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Labour wants to see apartment blocks built in more densely populated cities to achieve its housing targets

A radical scheme to speed up the building of more apartment blocks in towns and cities – as opposed to individual houses and bungalows – has been announced by the prime minister on the eve of the Labour party conference.

Keir Starmer told the Observer in an exclusive interview that the new system of “planning passports” would be a “game-changer” as the government strives to build 1.5m new homes within five years.

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Billionaire Guy Hands’ property firm takes housing reforms to European court

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Annington Property fears recent legislation will force it to offload some of the 38,000 freeholds it owns on UK military homes

A property company founded by the billionaire Guy Hands has taken a legal fight with the UK government to the European court of human rights over fears it could lose significant sums as a result of planned housing reforms.

Annington Property, which owns the freehold of about 38,000 military homes, has filed the claim against the housing minister, Angela Rayner, over concerns that the new Leasehold and Freehold Reform Act could force it to off-load the homes well below market value. Last month it launched a challenge in the high court on the same grounds.

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Housing market at its strongest since Truss mini-budget aftermath

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House prices grew at annual rate of 2.4% in August, the fastest since December 2022, Nationwide figures show

The UK housing market is at its strongest since the aftermath of Liz Truss’s infamous mini-budget that sent borrowing costs soaring, according to the latest figures.

Nationwide said house prices grew at an annual rate of 2.4% in August, up from 2.1% in July and the fastest rate since December 2022.

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Interest rate cut fuels immediate upturn in UK property market

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Figures from Rightmove show inquiries to estate agents since 1 August up 19% compared with a year ago

The first Bank of England rate cut in four years has triggered an immediate upturn in the UK property market, as cheaper mortgages prompt interest among buyers and drive up house prices.

Figures from the property website Rightmove show the number of potential buyers contacting estate agents about homes for sale since 1 August jumped by 19% compared with the same time a year ago. Contacts in July were up 11% on the previous year.

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Sunak pledges to keep stamp duty threshold at £425k for first-time buyers

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Pledge comes as parties prepare to launch their manifestos, with Labour to offer support for small businesses

The Conservatives would permanently scrap stamp duty on homes up to £425,000 for first-time buyers, Rishi Sunak is expected to pledge in the party’s election manifesto, in a move that would affect 200,000 households annually.

The threshold was raised from £300,000 to £425,000 in the September 2022 mini-budget as a temporary relief measure that is due to expire next March.

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Labour will aim to reveal new town sites within first year in power

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Angela Rayner to promise party will build homes on sites by end of its first term and support private developers

A Labour government would aim to announce the sites for a series of new towns within a year of taking office, with the promise that homes would be built in them by the end of a first term, Angela Rayner is to say in a speech.

Giving more detail to a plan first outlined in Keir Starmer’s party conference speech in October, Rayner will tell a housing conference that Labour will strongly support private developers who create high-quality and affordable housing.

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Average British house price hits record high of £375,000

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Pent-up demand from would-be buyers pausing their plans last year has led to price rise despite mortgage rates remaining elevated

The average British house price reached a record high of £375,131 in May, according to Rightmove. The average prices of properties coming to market rose 0.8%, or £2,807, month on month.

Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home mover activity despite mortgage rates remaining elevated for longer than anticipated, the property website’s report said.

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Nationwide stops lending on some flood-risk properties

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Banks may follow suit after UK weather-related claims on home insurance reach new high

Britain’s biggest building society has stopped granting mortgages on some properties where there is a high risk of flooding but said this affected only “a very limited number” of homes.

Nationwide’s head of property risk, Rob Stevens, said the lender used mapping technology to identify which homes were vulnerable to flooding, and it would decline to grant a mortgage to buy a property it deemed to be at high risk.

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UK house prices rise by 1.5% in biggest increase for 10 months

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Data from property website Rightmove finds average asking price has reached almost £370,000

An increase in buyer demand and stronger house sales during March have combined to push the average UK home’s asking price up by a further £5,279 to almost £370,000, as the market picks up after a “muted 2023”.

According to the UK’s biggest property website, Rightmove, this month’s 1.5% price growth is notably higher than the historical March average of 1%, and is the biggest monthly increase for 10 months.

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Mortgage reforms have excluded first-time buyers, say UK building societies

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Report calls for overhaul of rules on loan affordability and repayment, and more flexible mortgage products

Mortgage reforms introduced after the 2008 banking crisis have “tilted too far” in support of financial stability to the point that first-time buyers are being excluded from the housing market, building societies have warned.

A report commissioned by the Building Societies Association has called for an overhaul of affordability and repayment rules, which they say have contributed to a steady decline in first-time buyer mortgages since the mid-2000s.

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UK house prices rise at fastest rate since January 2023

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Lower mortgage rates lead to increased buyer and seller confidence, says Halifax

UK house prices rose 2.5% in the year to January, recording the biggest increase since January last year, as lower mortgage rates and fading inflationary pressures led to increased buyer and seller confidence, Halifax has said.

January marked the fourth consecutive monthly rise, with a 1.3% uplift on December, the UK’s biggest mortgage lender said, with the average home costing £291,000, £3,9000 more than in December.

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Private rents in Great Britain hit record high, data shows

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Rightmove says average advertised price outside London is up 9.2% on a year ago despite fall in some regions

Average private rents in Great Britain have climbed to new record highs, though in some regions there has been a small fall in the amount new tenants are being asked to pay, data shows.

The typical advertised private rent outside London for new properties coming on to the market rose to a record £1,280 a calendar month in the final quarter of 2023, according to the property website Rightmove. That is £2 higher than the £1,278 figure recorded in the third quarter – a sign that rental growth is slowing.

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London borough of Richmond is ‘happiest place to live in Great Britain’

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Access to huge parks, restaurants and transport links plus a Ted Lasso-factor lead area to top Rightmove’s ‘happy at home’ index

It is home to London’s largest royal park as well as big-hitting tourist attractions such as Kew Gardens and Hampton Court Palace, and has more recently become a place of pilgrimage for fans of the hit TV comedy Ted Lasso. Now, the borough of Richmond upon Thames in south-west London has been named “the happiest place to live” in Great Britain.

It received the accolade from property website Rightmove, which runs a “happy at home” index – now in its 12th year – where it asks residents how they feel about their area based on 13 “happiness factors”.

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UK house prices rise for third straight month as mortgage rates fall

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Nationwide says average property price was £258,557 in November, £5,231 down on same month last year

UK house prices rose for a third consecutive month in November as the market responded to hopes that mortgage rate costs had peaked.

Nationwide, the UK’s biggest building society, said prices rose 0.2% month on month in November, after a 0.9% rise in October and a 0.1% rise in September. Economists polled by Reuters had forecast a 0.4% fall in prices in November.

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Average UK house sale price suffers first annual fall for 11 years

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ONS says average price dropped 0.1% year on year in September, with those in London decreasing 1.1%

The average price of a home in the UK dropped by 0.1% in the year to September, official figures show – the first annual fall for more than a decade.

The Office for National Statistics (ONS) figures, which are based on completed sales, have shown annual price inflation slowing since July 2022, when the headline rate stood at 13.8%.

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