Brits to be allowed to use housing benefits for a mortgage to buy their homes June 9, 2022 Allowing lower-paid workers to use housing benefits to buy their homes and an extension of the right to buy for housing association tenants should give Tory support a boost. Prime Minister Boris Johnson is expected to confirm his intentions in a major speech today as he seeks to repair his fortunes after a bruising Tory [...]
UK house price skyrockets to record £289k: ‘Any mutterings of a market crash are greatly exaggerated’ June 8, 2022 The average UK house price hit a record high of £289,099 in May, but the pace of growth in values is slowing, according to an index this morning. Russell Galley, managing director of Halifax, said: “The average cost of buying a home in the UK is up 1 per cent, or £2,857, on last month, [...]
UK housebuilding tumbles into ‘stagnation’ amid reversing economy June 8, 2022 Higher raw material costs and ongoing supply chain disruption clamped down on the UK construction sector last month, according to a closely watched survey released today. Construction businesses cut back on activity amid rapid cost inflation persisting in May making projects unviable. Just over seven in 10 firms said input prices climbed in May, driven [...]
Swelling of ‘generation rent’ means many won’t be homeowners until 40s, 50s or even pension age June 8, 2022 Almost 15 per cent of renters think they may be picking up their pension before becoming homeowners, as the cost of living crisis continues to eat into savings. With so-called ‘Generation Rent’ continuing to be impacted by soaring house prices that prevents them from getting onto the property ladder, a new survey commissioned for NatWest [...]
Exclusive: Staggering £130bn worth of homes left empty in London alone with record 87,731 vacant properties May 30, 2022 It has emerged that the value of vacant homes in London equates to over £130bn. London has a total of 87,731 vacant homes, making it the top city in the UK for the prevalence of empty houses. With house prices averaging £1.49m in the capital, the cost of vacant homes is approximately £130.8bn. A recent study [...]
London is back on the global property radar as foreign home buyers shrug off Brexit and stamp duty changes May 24, 2022 International buyers are returning to the London property market after three consecutive years of declining market activity, brought about by Brexit, changes to stamp duty and, of course, the pandemic. Since last year, international interest has started to return to the capital, with transactions climbing by 0.6 per cent. At the same time, the market [...]
London average hits £440k: First-time buyers in for a shock as house prices for newcomers rise £24 per day May 18, 2022 While celebrities can often be seen splashing millions of pounds on their first homes, the average first-time buyer (FTB) is spending £223,751 on their first property. In fact, the average FTB needs to find £43,623 more than they did in 2016 to secure their first own property, a 24 per cent increase, according to data [...]
The Elizabeth line effect: House prices along Crossrail skyrocket by as much as 215 per cent May 17, 2022 With the initial launch of Crossrail imminent, it has emerged that postcodes with stations due to benefit from Crossrail (CR) have seen house prices increase by up to 215 per cent since the project was first announced, carrying a 14 per cent premium versus the wider areas. Postcodes home to a Crossrail station have seen [...]
Victorian Plumbing claims victory after posting 67 per cent drop in earnings May 17, 2022 Online bathroom store Victorian Plumbing today said it had successfully captured a larger slice of the bathroom products market, after noting that its sales are now 39 per cent higher than before the pandemic. The Skelmersdale firm said its adjusted earnings were 67 per cent lower than last year and 24 per cent lower than [...]
London is back: Influx of new residents picks up as 1 in 3 homes are let to tenants from outside the capital May 16, 2022 It has been revealed that nearly three in every 10 homes let in London so far this year have gone to people who were previously living outside the capital. Some 30 per cent of these properties have gone to tenants who were previously living elsewhere, according to research from sales and letting agent Hamptons, shared [...]