House prices: Buyers playing ‘wait and see’ on purchases rattles confidence July 10, 2023 Property portal On The Market has warned of a challenging outlook for the year ahead as aggressive rate rises have led buyers to “wait and see” on house purchases whilst the market remains unsettled. The estate agent, which operates similar to Rightmove and Zoopla, told investors this morning that stubborn inflation and the high cost [...]
Barratt Developments share price in focus following Bank of England rate rise July 10, 2023 The market will turn its focus to Barratt Developments’ trading update next Thursday to see how soaring mortgage rates and a tumultuous period for the property sector is impacting UK house building companies. The housebuilder’s shares have fallen by around a tenth over the past 12 months and more than half from their pre-pandemic levels, [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand July 7, 2023 UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
House building craters to weakest level in 14 years amid Bank of England interest rate rises July 6, 2023 The Bank of England’s series of aggressive interest rate hikes to pull back raging inflation is wreaking havoc on house building, dealing a blow to first time buyers hoping to get on the property ladder any time soon, a closely watched survey out today shows. According to S&P Global and the Chartered Institute of Procurement [...]
Value of London homes sinks as red hot mortgage rates continue to rattle market July 6, 2023 Some 68 per cent of west London homeowners have seen the value of their property decrease since last November, new data shows, as soaring mortgage rates and a difficult buyer market rattle the capital’s housing sector. As buyer confidence falls due to red hot mortgage rates 7,000 homes across west central London decreased in value [...]
London gets new West End flexible work space as Elizabeth Line brings in hybrid commuters July 4, 2023 A new 45,000 sq ft site flexible work space will open in the heart of the West End in a signal that London’s hybrid work trend is showing no signs of cooling. Runway East, (RWE) already has five spaces across London, including sites in Borough Market and Shoreditch – and will open a new one [...]
WOW!house at the Design Centre Chelsea Harbour review July 3, 2023 Sometimes your job as a writer is to critique, or nitpick – or at least to recommend improvements. At other times – and this should be done with a sigh after much internal questioning – it is to upbraid. Very rarely, your only duty is to praise and recommend – to add footfall and eyeballs [...]
London life back on top as country homes drop in price July 3, 2023 Soaring interest rates have softened the prices of luxury homes outside of London, according to new data, in a signal that the ‘move to the country’ trend fuelled by the pandemic is showing signs of slowing. The average value of luxury homes across UK markets outside of London – broadly the top five per cent [...]
Rate pain takes its toll as home sales tumbled almost 30 per cent in May June 30, 2023 Home sales tumbled by 27 per cent in May compared with the same month a year earlier, according to HM Revenue and Customs (HMRC) figures. Across the UK, 80,020 transactions were recorded in May 2023, which was also 3 per cent lower than in April 2023. HMRC’s report said the big fall compared with May [...]
John Lewis submits £500m London planning bid for 800 homes – but questions remain about affordability June 30, 2023 John Lewis is pressing on with its shift away from the high street and into residential property by submitting initial planning applications for new ‘build to rent’ homes in the capital The hard-hit retailer submitted proposals for nearly 800 rental homes on London sites in West Ealing and Bromley, with plans for a site in [...]