Property Market News
Sales rates pick up across GB, but fewer than half of London listings find a buyer
In a typical year, only around half of properties listed for sale on Rightmove successfully find a buyer. That has jumped to nearly 70% in the last year or so.
Mortgage lending reaches a record high
Net mortgage borrowing reached an all-time high of £17.9 billion in June, according to the Bank of England - smashing the previous record, set in March 2021, of £11.5bn.
‘Cities are springing back to life’: Super-prime property sales surge around the world
"We expect super-prime sales to end 2021 on a high," says Knight Frank, as it flags a significant jump in US$10m+ deals across seven major global wealth hubs so far this year.
Competitive bidding pushes Scottish property prices up
“It’s been an extraordinary period and I’ve never experienced anything like it," says Tom Stewart-Moore, head of Knight Frank’s rural business in Scotland.
Letting agents report ‘all-time high’ for tenant demand
Letting agents reported a record number of new prospective tenants per branch in June, according to Propertymark.
Country house prices climb higher as stock shortage persists
Knight Frank expects the country market to remain hectic through the Summer.
‘We see nothing on the horizon that would trigger a major house price correction’ – Savills
Savills has upgraded its 2021 UK house price inflation forecast, bumping it from 4% to 9% - although the five year outlook remains largely unchanged from March's predictions, with research chief Lucian…
World cities see prime property prices rise at fastest rate since 2016
"The prime residential sector is likely to remain strong through the rest of the year," says Savills in its latest World Cities Index.
House prices are rising at five times the rate of flat prices
Zoopla's research chief Grainne Gilmore expects property price inflation to continue to accelerate in the coming months, "peaking at around 6%, before falling back to between 4%-5% by the end of 2021.
40% of properties sold for more than their original asking price in June
"Astonishing" demand broke more property market records last month, reports Propertymark, but the estate agency organisation does anticipate "a rebalancing of the market over the coming months."
Knightsbridge flats are central London’s ‘best bargains’, with prices down 11%
"The race for space has left some central London bargains in its wake," says Knight Frank, with apartments in some Golden Postcode areas seeing average PSF prices more than 10% below their five-year average.
Busiest prime London market since 2014, with 61% more £5m+ deals than in 2019
The top-end of London residential sales market has just enjoyed its strongest first half since 2014, reports Savills, with 59% more £5m+ transactions recorded in the first six months of this year compared…