House purchase mortgage approvals on track to fall by 13%
'We expect to see mortgage approvals for house purchases take a notable dip come the end of this year,' says Octane Capital after checking BoE data. 'This is due to the recent turbulence seen across the mortgage market, with growing uncertainty and an increased cost of borrowing deterring many buyers from progressing with their purchasing plans.'
What to read next
Market-watchers agree house prices will fall – but by how much?
A raft of influential property market-watchers have torn-up their house price forecasts, now anticipating a particularly rough year ahead for the housing sector as the wider economy struggles.
House prices to fall 9% in the next two years, predicts the OBR
The Office for Budget Responsibility expects a year's-worth of house price growth to be reset as the economy declines and mortgage rates peak at 5%.
UK house prices ‘could easily fall 10% to 15%’, suggest economists
Economists expect interest rates to spike and house sales to tumble - meaning the last year's worth of aggressive property price growth could be rolled back.
Companies in this article
Octane CapitalMost read
Star Douglas Elliman broker targets London’s super-prime market
Luxury NYC specialist secures exclusive US representation for raft of landmark developments as American demand continues to build.
Developer & contractor convicted over fatal London tower incident
Foster + Partners cleared of health and safety breaches over fatal Corniche window fall; St James and Lindner Prater found guilty.
By PrimeResi
‘The industry is changing dramatically’: Russell Simpson’s Bertie Russell on growing the family business & the future of prime agency
INTERVIEW: PCL agency boss discusses carving out a place between the corporates and brokers, pushing into new prime London markets and keeping the boutique edge.
Georgian gem changes hands on Fitzroy Square in off-market deal
Demand for best-in-class homes is driving top-end activity in PCL, says agency behind latest benchmark sale.
£13mn Wentworth trophy home sparks competitive bidding
Agency reports ‘robust’ demand for best-in-class homes as British buyer snaps up standout new-build residence on the exclusive private estate.
London’s super-prime market goes into summer recess
Latest LonRes Data: Under-offer numbers halve as £5mn+ deals and new instructions fall sharply amid 'uncertainty and a lack of urgency'.
Malins Group rolls out private client arm
Property group launches new division for owners restoring, remodelling and creating ‘exceptional’ homes.
Savills profits jump 47% despite UK resi slowdown
Boss Simon Shaw is 'delighted with the significant improvement in performance' - although the UK residential business saw revenue & profits decline in H1.
By PrimeResi
Rhodium hires former Nobu exec to lead global growth push
Dean Main's luxury property consultancy brings in Diane Daudin-Clavaud as Chief Development and Strategy Officer.
Big London agency reports 22% drop-off in buyer registrations
Chestertons flags steepest annual fall in prospective buyers since last November amid political and tax uncertainty.
LATEST ARTICLES
Knight Frank adds four more London brokers to affiliate network
Latest recruits take on key patches across South West, West and North London as agency presses on with rollout of its US-style broker model.
Strutt & Parker recruits PCL heavyweight to head Knightsbridge & Belgravia office
Jonny Fieldman has moved from Knight Frank to lead Strutt's Sloane Street operation, as the agency continues a high-level hiring spree in the capital.
By PrimeResi
Brokerage pulls off £48mn Belgravia hat-trick
Big-brand agency defies tough market conditions to complete three super-prime deals in as many weeks, as younger international wealth turns its attention to one of PCL’s traditional strongholds.
Tom Bill: ‘Burnham bounce’ struggles to lift property market
Labour's revival in the polls has changed the political mood, but buyers remain cautious as rising borrowing costs and fears of further tax changes mean the housing market has been treading water, explains…
By Tom Bill
The Agency UK gears up for ‘major’ London expansion
Fast-growing self-employed brokerage builds senior team as it looks to make the capital a ‘substantial part’ of the business.