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 [...]
UK cost of living crisis to tame runaway house prices, says Savills May 31, 2022 The UK’s cost of living crisis is expected to stunt house price growth for the rest of the year, according to estate agents Savills, taming property costs which continue to hit record levels. Affordability pressures will leave house prices no choice but to slow in their ascent, as property deals and mortgage approvals fall in [...]
Mortgage approvals fall following interest rate rises May 31, 2022 Mortgage approvals have fallen to the lowest level seen since the peak of the UK’s house-buying frenzy in June 2020, according to official data today. Brits were approved 66,000 mortgages in April, down from 69,500 in March, data from the Bank of England has revealed. This is slightly below the pre-pandemic average of 66,700, [...]
Homes sit on the market for longer as prices hit yet another record high, says Zoopla May 30, 2022 The time between listing a property and a sale is growing increasingly longer, according to property platform Zoopla, as house prices hit yet another record high. In London, the average time it takes for a three-bed house to be whisked off the market has jumped from 17 days in March to 21 days in April. [...]
Scottish Mortgage Investment Trust: buying opportunity? May 27, 2022 Scottish Mortgage (LON: SMT) shares are still up 77% over the past five years, despite recent falls. And as central banks make increasingly hawkish noises, its share price is now trading at a 12.7% discount to net asset value. However, this could represent a FTSE 100 buying opportunity. Scottish Mortgage Manager Tom Slater recently told investors that ‘in retrospect, it [...]
Average mortgage repayments approaching 33 per cent of monthly income akin to 2008 financial crash levels May 25, 2022 Homeowners are spending more to live in their house than at any point in the last 15 years, with mortgage repayments equalling almost 33 per cent of monthly income. The cost of living crisis and increase in interest rates has put renewed pressure on property-owners, with house prices soaring and the cost of repayments nearing [...]
The City View: Crossrail finally arrives May 24, 2022 Today Andy Silvester talks to Adam Tyndall, Programme Director for Connectivity at London First. They talk all things Crossrail — from the first idea of an East-West railway in the 19th century, to the funding behind the Elizabeth Line, and to the future of London’s transport system. And in other news — Shell’s AGM was [...]
House buying falls ‘dramatically’ as market feels absence of stamp duty holiday May 24, 2022 UK property transactions are “dramatically lower” than a year ago, as the market feels the absence of the pandemic-era stamp duty holiday. Residential deals in April plunged nearly 14 per cent in comparison with 12-months ago, and are 10.5 per cent lower than in March, according to the government’s latest data. Meanwhile, non-residential transactions, which [...]
Property Special: Will the Bojo mortgage fill the Help to Buy hole? May 23, 2022 The so-called Mortgage Guarantee Scheme (MGS), commonly known as the Bojo Mortgage, is a more market encompassing version of the Help to Buy scheme, allowing lenders the option to purchase a guarantee on mortgage loans for those with less than a 10 per cent deposit. Launched in April of last year, it can be utilised [...]
Average house price surpasses £367k as first time buyers face increasingly difficult landscape May 23, 2022 It is now no longer significantly cheaper to rent than buy, in terms of monthly outgoings, new analysis by RightMove has shown. While average monthly mortgage payments (£901) outpace average monthly rental payments (£887), the gap in payments has slimmed over the past decade. The property platform’s new analysis tracking first-time buyer affordability is based [...]