Category Archives: House prices

‘Geopolitical uncertainties’ amid Iran war could slow fall in mortgage rates, says Halifax

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UK house price growth slowed in February as value of typical home rose 0.3% to £301,151

Halifax has warned that the US-Israel war on Iran could slow mortgage rate decreases this year, as it said that house price growth eased dramatically in February.

Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – said the conflict in the Middle East was likely to affect global economies, stoke inflation and reduce the likely rate of interest rate cuts that influence borrowing costs for homebuyers.

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UK house prices rise in February as chancellor avoids ‘negative speculation’

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Rachel Reeves’ upcoming spring forecast has not led to slowdown, as property tax rumours did in November

House prices in the UK increased in February as Rachel Reeves avoided a repeat of the pre-budget “negative speculation” that depressed the market, as she prepares to present the spring forecast on Tuesday.

The average price of a home rose to £273,176 last month, up by 0.3% from the month before, Nationwide said. It matched January’s monthly increase, and was above analysts’ forecasts of a 0.2% gain. The annual growth rate remained steady at 1%, the country’s biggest building society said.

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Asking prices fall as UK housing market hit by budget speculation, Rightmove says

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November drop of 1.8% is biggest for this time of year since 2012, with chancellor’s plans looming

Budget speculation has depressed the UK property market, figures from a leading property website have suggested, with asking prices slipping in the run-up to Rachel Reeves’s much anticipated fiscal set piece on 26 November.

The average new seller asking price fell by 1.8%, or £6,589, month on month in November, the figures collated by the property website Rightmove set out, taking the average price tag on a British home put up for sale to £364,833.

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Lifetime of earnings not enough for UK workers to join wealthiest 10%, report says

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Research finds it would take average worker saving all their earnings for 52 years to match wealth of richest 10th of society

It would take the average earner in the UK 52 years’ worth of earnings to become as wealthy as the richest 10%, according to new research by the Resolution Foundation.

In a new report, the influential thinktank analyses the Office for National Statistics’ latest wealth and assets survey, which covers the Covid pandemic period of 2020-22.

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UK ministers aim to speed up homebuying by four weeks

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Proposed government overhaul of house purchase process looks at shifting some costs from buyers to sellers

Ministers are attempting to cut the time it takes to buy a home by four weeks under new proposals aimed at overhauling the housebuying process.

The UK government will also consult on plans to shift costs from buyers to sellers, including compelling sellers and estate agents to provide buyers with vital information – such as the condition of the home and the scale of any leasehold costs – upfront.

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London homes 500 metres from station ‘command £42,700 premium over those 1,500 metres away’

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Nationwide survey in London, Manchester and Glasgow shows pandemic trends may be reversing as more people return to office

People buying homes in London 500 metres from a tube or railway station pay £42,700 more than buyers of similar properties 1,500 metres away from transport hubs, according to new data.

The figures indicate that despite the reshaping of the housing market sparked by the coronavirus pandemic and dramatic changes to working patterns, the traditional estate agent mantra of “good transport links” continues to wield its power over buyers.

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Londoners buying lowest share of property outside capital since 2013

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Stalling house prices and shift back to office working are affecting people’s ability to move out of city, say experts

Londoners are buying the lowest share of houses outside the capital in more than a decade as their moving plans are curtailed by a stalling local market and the shift back to office working.

They were behind just 5.3% of house purchases elsewhere in the country in the first seven months of this year, the lowest proportion since 2013, research has found.

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New mortgage affordability rules help UK housing market avoid summer lull

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Record number of homes for sale has created ‘buyer’s market’ and kept price rises in check, Zoopla report says

The typical summer lull in Britain’s housing market has been avoided amid the availability of bigger home loans fuelling a “buyer’s market”, according to a property website.

Despite the signs of a bustling market, Zoopla said it had halved its house price forecast for 2025 as buyers were taking into account increased stamp duty costs in their offers in England and Northern Ireland.

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Average UK house asking price registers steepest monthly drop for 20 years

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Rightmove blames the 1.2% fall in new sellers’ prices on the end of stamp duty discounts and more homes coming on to the market

The average price of homes coming up for sale dropped by the largest monthly amount in more than 20 years in July, according to a property website, after the end of temporary cuts to stamp duty, and recent increases in council tax on second homes.

The average price being asked by new sellers fell by 1.2%, or £4,531, in July compared with a month earlier, to £373,709.

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UK house prices fall unexpectedly, says Halifax

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Average property price dips to £298,602 in February despite analysts expecting rush before stamp duty rises

UK house prices unexpectedly fell last month as concerns over the sluggish economy outweighed an anticipated rush of people trying to complete purchases before stamp duty increases in April.

The average property price dipped by 0.1% in February to £298,602, having hit a record high in January, according to Halifax.

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Sunbury-on-Thames sees biggest house price rise in UK in 2024

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Surrey town saw 12.5% increase in asking prices last year with rest of UK rising just 1.4%, according to Rightmove

It’s very name conjures images of warmth, and now Sunbury-on-Thames has been named as a property hotspot. According to listings website Rightmove, the Surrey town recorded the biggest rise in asking prices in Great Britain last year, registering a 12.5% leap in the average, from £527,005 to £592,976.

The town has long been popular with commuters, as it takes less than an hour to travel into London Waterloo station, and is close to the recently expanded Shepperton Studios, which now claims to be the second biggest film studio in the world.

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UK house prices rise for fourth month in a row, says Nationwide

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Cost of average home in December reaches £269,426, with value increasing over year by almost £12,000

House prices rose for a fourth consecutive month in December, ending 2024 on a “strong footing”, Nationwide said, with the cost of an average home hitting £269,426.

The building society’s monthly tracker found prices in December rose 0.7% on the previous month and were up 4.7% on an annual basis.

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UK house prices rise at fastest rate in nearly two years

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Nationwide reports surprise growth despite near-record prices straining affordability

House prices in the UK grew at the fastest rate in nearly two years in November, in a surprise acceleration despite near-record highs straining affordability, according to figures from Nationwide.

The annual growth rate rebounded to 3.7% in November, up from 2.4% in October, according to the UK’s biggest building society. That was the fastest rate since November 2022.

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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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Houses in national parks in England and Wales sell for 25% more, study finds

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Nationwide says New Forest is most expensive national park with an average property price of £576,000

Buying a home in a national park comes at a 25% price premium, with the New Forest the most expensive of the 13 parks in England and Wales, according to Britain’s biggest building society.

Nationwide said properties in a national park enjoy a valuation almost £67,000 more than a similar property elsewhere, based on the average UK house price of £266,640.

New Forest – £576,000

South Downs – £400,000

Peak District – £375,000

Yorkshire Dales – £353,000

Lake District – £333,000

Dartmoor – £310,000

Bannau Brycheiniog (Brecon Beacons) – £274,000

Eryri (Snowdonia) – £173,000

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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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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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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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