‘We’ve been inundated’: UK housing market frenzy shows no signs of slowing

Buyers face bidding wars to snare homes despite soaring inflation, cost of living crisis and fears of property crash

It took less than a week to sell a two-bedroom garden flat in north London, with a guide price of £950,000. Featuring a large patio, garden, oak floorboards and underfloor heating, it is in a mixed area on the outskirts of Islington and Camden.

“We’ve been inundated with people wanting to see it,” says Andrew Groocock, a regional partner at the estate agents Knight Frank, which helped organise 23 viewings. “It ticks the boxes of exactly what’s hot in the market at the moment. It’s still an incredibly buoyant market. The last two years have been remarkable.”

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Reader call-out: how has the changing mood in New Zealand’s housing market affected you?

House prices are dropping amid rising living costs and higher interest rates – what does that mean for you?

For the first time in more than a decade, New Zealand house prices recorded a quarterly drop. ANZ economists say the mood in the market has shifted – from “fear of missing out” to “I’m not paying that”.

We’re eager to hear from our New Zealand readers on how this might be affecting you.

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Average house price in Great Britain exceeds £350,000 for first time

Asking prices up 1.7% in March, biggest monthly rise for this time of year in 18 years, according to Rightmove

The average price tag on a home in Great Britain has topped £350,000 for the first time, according to Rightmove.

Typical asking prices hit £354,564 in March, up 1.7% or £5,760 compared with February, the property website said. It was the biggest monthly rise for this time of year in 18 years, and pushed the annual rate of growth in asking prices to 10.4%.

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‘It is devastating’: the millennials who would love to have kids – but can’t afford a family

They are working three jobs, changing careers or moving to faraway areas with affordable housing in order to drum up enough money for children of their own. Sadly the numbers still don’t add up


“People need to stop telling me to ‘just get on with it’ if I want to have children,” Jen Cleary says, clearly exasperated. “Most of my generation simply cannot afford to. Being childless is out of my hands and it is a devastating and frustrating reality.” Cleary, a 35-year-old former teacher, is recounting how financial precariousness means that her dream of having a family may never come true. It is an experience that many millennials – defined roughly as those born between 1981 and 1996 – have encountered.

The UK’s birthrate is at a record low, with fertility rates for women under 30 at their lowest levels since records began in 1938. There are many factors that contribute to this, including the fact that many people struggle with infertility; some make a positive personal choice not to have children; and others decide against having kids because of the uncertainties and peril of the climate crisis. But finances and the rising costs of living are a persistent and growing issue. Just last month, the Labour party chair, Anneliese Dodds, pointed out that many people are being forced to put off settling down and having families thanks to “cost pressures” overseen by the current Tory government.

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House asking prices hit record levels across Great Britain

Rightmove data shows largest June increase since 2015 but economists suggest Covid boom may be fading

House asking prices have hit record levels across every region of Great Britain, according to latest figures, although some experts have questioned whether the pandemic boom is finally starting to wane.

The price of properties coming to market rose by 0.8% month on month in June to a third consecutive record of £336,073, according to data from Rightmove, a property listings website.

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Bubble or boom? Why ultra-low interest rates mean house prices may never bust

New Zealand may have moved to curb rising prices but could cheap money have permanently rewritten the rules?

It’s hard to disagree with the New Zealand government’s recent assessment that the country’s runaway housing market has moved from mere boom to a bubble that endangers the whole economy. Prices rose a staggering 23% over the past year, putting home ownership way beyond most people not already on the fabled ladder – younger, first-time buyers especially. If it walks like a bubble and talks like a bubble, then it must be a bubble, right?

The only problem is that bubbles might not be what they used to be. House prices are being steadily inflated in many other developed economies such as the US and UK. In Australia, prices rose 2.8% in March, the fastest monthly growth for 33 years. But governments are in no hurry to copy Jacinda Ardern’s canary in the coalmine moment, as the renowned Société Générale economist and market sceptic Albert Edwards has dubbed it, and instruct central banks to make dampening prices part of monetary policy.

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Revealed: Sheikh Khalifa’s £5bn London property empire

Documents reveal UAE president owns multibillion-pound property portfolio spanning London’s most expensive neighbourhoods

The row of 1960s-built houses with untidy gardens on a quiet cul-de-sac near Richmond upon Thames appears to have little in common with Ecuador’s red-brick embassy in Knightsbridge, where Julian Assange spent seven years in hiding, just across the road from Harrods.

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House for sale in London, good location, overlooks park, a bargain at £185m

Developer seeks to cash out of investment in John Nash-designed terrace with views of Regent’s Park

Developers have stuck an asking price of £185m on a house overlooking Regent’s Park in central London in what would be the UK’s second most-expensive home purchase.

The property firm Zenprop is targeting foreign billionaires as potential buyers of 1-18 York Terrace East as it seeks to cash out of a 2016 investment.

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