Market Index
Agents report ‘noticeably less competition’ for development land
Major housebuilders have cut back on land buying in an effort to ride out the weaker sales market, says Savills, with some pausing activity altogether.
Official data shows ‘slightly weaker’ property sales market in December
Transaction volumes remain slightly above pre-pandemic levels, according to the latest (provisional) HMRC count.
London rents jumped 20% in 2022, and demand remains high
Demand for rental homes in London 'remains high and I do not see a great glut of stock on the horizon,' says Sarah Tonkinson of Foxtons.
Property market continues to cool – RICS
The latest RICS data on residential property deals, demand, new instructions and prices all point to a continued market slowdown.
UK house prices dipped in November – official data
The average UK property price fell by 0.3% in November 2022, according to the official House Price Index, but London saw a 0.1% rise.
Prime rental price growth slows as the market becomes ‘less frantic’
Savills expects prime London rental growth to calm from its double-digit run to +5.0% over 2023 and +3.0% by the end of 2024. The prime commuter belt is set for an even sharper slowdown.
Rightmove reports ‘a more encouraging start to the year than many anticipated’
Property portal notes 'tentative sign of stability' as asking price rise in January after two negative months.
Record-breaking rental growth continues, with central London rents up 15% on the year
'2022 has been a record-breaking year for rental growth,' says Hamptons. 'But even so, rents have failed to keep pace with wider inflation, and indeed landlords’ rising costs.'
Home-buyer demand across England dropped 9% in Q4
'The pandemic-inspired property boom is being brought well and truly back down to earth,' says GetAgent after assessing the proportion of homes listed for sale that have already found a buyer.
Mortgage approvals drop to lowest level since June 2020
Fewer house purchase mortgages were approved in November 2022, as interest rates climbed.
Scottish country houses move back to ‘a healthy, normal market’
Knight Frank brought in 50% more Scottish country house sales instructions in November compared the five-year average.
‘High value properties continue to outperform across the board’ as equity-rich & mortgaged markets diverge
Prime Central London's property market is looking resilient in the face of the economic downturn, says Savills.