London and south east house prices fall fastest with analysts predicting five per cent crash August 7, 2023 House prices dropped by 0.3 per cent from June to July, the latest data suggests, with London and south east homes falling fastest in value. House prices fell by -2.4 per cent on an annual basis , easing from -2.6 per cent in June, the latest figures from Halifax show. The 0.3 per cent fall [...]
London rent crisis deepens: Costs may soar to £2,700 as families face being driven in to poverty August 3, 2023 Average rental costs in London may soar to £2,700 per month next year, new figures suggest. Families in the city are being driven into poverty by “sky-high” rents, campaigners warned. The figures, gathered by City Hall, mean that many Londoners can expect to pay £133 more than the current average of £2,567 calculated by Rightmove. [...]
‘Docklands 2.0’: Michael Gove outlines vision for new higher density London July 24, 2023 Michael Gove has outlined the government’s vision to create a “Docklands 2.0” in a key speech on housing policy, calling for higher density urban development. The housing and levelling up secretary cited the “ambitious approach” of Margaret Thatcher and Michael Heseltine and warned housing “inefficiency” is costing Britain’s productivity. It comes as the prime minister [...]
London rents hit record high July 21, 2023 Average asking rents in London have hit record highs of £2,567 per month, new data shows, with tenants in the capital now paying a third more than they were pre-pandemic. Renters in the capital are forking out £559 more every month compared to the same period in 2019, a new study by Rightmove shows, as [...]
UK house price growth slows to 1.9 per cent in May July 19, 2023 The average price of a UK house cost £286,000 in May, according to new government data, with the figure being £6,0000 up on 12 months ago – but £7,000 below its September peak. Average UK house prices increased by 1.9 per cent in the 12 months to May 2023, down from a revised 3.2 per [...]
Michael Gove’s housing department hands £1.9bn back to the Treasury in ‘blow to developers’ July 12, 2023 Michael Gove’s department returned £1.9bn of housing money to the Treasury claiming it was unable to spend it, leaving industry insiders baffled. The sum comprised money to pay for new house building projects, including affordable homes, and to conduct building safety remediations. Joshua Bond, founder and managing director of Bond Land, called Gove’s move “the [...]
Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
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 [...]
Labour mortgage summit amid brewing repayments crisis July 9, 2023 Labour are set to hold crunch talks with mortgage brokers this week amid a brewing repayments crisis. Shadow chancellor Rachel Reeves has pledged homeownership will be the core of her ‘securenomics’ philosophy as she claimed Labour is now the party of house buyers. Reeves and shadow levelling up secretary Lisa Nandy will attend the summit [...]