Price of buying a home climbs three times as fast as building costs November 12, 2021 The cost of buying a Redrow home has increased nearly three times as fast as the cost of building one despite squeezes on supply chains, the company revealed today. Redrow said it was working with suppliers to make sure that it could keep building at the same pace as in the past, but that pressures [...]
Only 37 properties on estate agents books: Lack of homes is pushing up house prices November 11, 2021 Despite an overall net balance of 10 per cent of property professionals reporting an increase in new buyer inquiries, estate agents only have 37 properties on their books on average, down from around 42 in March, the Royal Institution of Chartered Surveyors warned this morning. A growth in inquiries from house-hunters in October is yet [...]
Breaking £370k mark: Average UK house price expected to jump by £40k within the next five years November 10, 2021 The average house price across Britain is expected to break through the £370,000 mark within the next five years, as property prices may rise by more than £40,000. Giving its predictions up to 2026, Savills predicts that the typical property value will increase from £327,838 in 2021 to reach £370,785. The property group expects the [...]
Post-pandemic exodus may achieve what levelling up agenda has not as City’s wealthy retreat October 29, 2021 The City of London is today unrecognisable from the form it took just two years ago, as the impact of the pandemic has left it relatively quiet and lacking the commuter traffic that has long characterised the Square Mile. In fact, a recent report showed that footfall in London stands at just 35 per cent of pre-pandemic [...]
Bank of mum and dad finances half of all first-time buyer purchases as parents spend $10bn October 22, 2021 Nearly half of all first-time buyer housing transactions this year are being financed by the ‘bank of mum and dad’, according to a new property forecast, shared with City A.M. this afternoon. Total contributions from parents helping younger generations to buy a home are expected to reach £9.8bn in 2021, analysis from property group Savills [...]
Aggressive valuations: London home sellers overprice their properties by 40 per cent October 19, 2021 Home sellers across London are overpricing by as much as 40 per cent when it comes to the price at which they list their homes on the country’s major portals, versus the reality of what buyers will pay, according to new data shared with City A.M. this morning. The figures show that across Britain, the [...]
4.5x borrower’s earnings: ‘Risky mortgages’ rising fast, mostly in Wandsworth, Walthamstow and Croydon October 18, 2021 South London is the UK’s hotspot for high-risk mortgages – with more than 6,300 mortgages written at 4.5 times the borrower’s earnings or higher in the last year, according to new research shared with City A.M. this morning. Bank of England guidance says mortgages are considered ‘high-risk’ if they are lent at 4.5 times the [...]
Back to 2007: UK house prices rise for every region and buyer type October 18, 2021 It’s a full house for the UK home buying market, with property prices rising last month in every region of the UK, London included, and for buyer types ranging from first-timers to those at the wealthiest rungs of the property ladder. In London, the average property price hit £650,683, up another 1.9 per cent on [...]
House prices: Value of homes in Kensington and Chelsea alone same as whole of Wales October 14, 2021 Homes across Britain have added £49,257 to their value over the past five years on average, according to a property website. The total value of homes has risen by 20 per cent – or £1.6 trillion – in the past five years, Zoopla said. More than a third (£550bn) of the £1.6 trillion increase has [...]
It’s time to break the social housing stalemate and build affordable homes October 12, 2021 When you’re losing in a game of chess, you try to end it with a stalemate: no one wins and no one loses. The game ends in a draw. The social housing system in the UK finds itself exactly in this position. The difference is that someone is losing: the scores of families stuck on [...]