Property Market News
Mortgage approvals drop as higher interest rates start to bite
The number of home-buyer mortgage approvals has fallen below the pre-pandemic average, according to the Bank of England. “Higher interest rates are starting to bite," says Savills.
Surging tenant demand pushes London to ‘the most competitive rental market in recent history’
“We have certainly seen the most competitive rental market in recent history over the past six months," declares Richard Davies, MD of Chestertons, while Benham and Reeves boss Marc von Grundherr warns…
Majority of property vendors ‘are holding their nerve on price’
52% of homes that have been listed for sale for more than ten weeks have not reduced in price.
Prime resi prices continue to climb in major global cities
US cities have seen the highest rates of prime property price growth in the last six months, reports Savills, as the firm predicts a slight slowdown across most world cities in the second half of this…
PCL prices are rising at their fastest rate since 2014, but remain 17.6% below their peak
Savills is forecasting a slow and steady recovery - rather than a sharp uptick - for London’s golden postcodes, unless high net worth foreign investors return in their pre-pandemic numbers…
Lettings supply improves, but not enough to quell rising rents
Estate agents have seen rental stock levels climb steadily since February - but "this barely scratches the surface on what is needed in order to limit the ever-widening gap between supply and demand,"…
Property market moves ‘back to normal’ as Summer heat cools – Propertymark
Another market index tells of slowing buyer demand and less pressure on house prices.
Transaction numbers tumble from last year’s high
HMRC recorded 55% fewer residential property sales in June this year compared to last; it's the slowest June in nine years.
Vendors are now achieving 99.4% of asking price, on average
More property sellers are getting closer to their asking price now than last year, with 41% of postcodes seeing the average deal being done at or above asking.
Talking Heads: How fast will the property market slow?
"There is no doubt that there is a cool breeze blowing in the London market,” says Roarie Scarisbrick of buying agency Property Vision - but the consensus amongst 21 prime property pundits canvassed…
Annual house price growth climbs to +12.8% – UK HPI
The latest official house price index tells of a 1.2% monthly increase for the average UK home in May, up from a 0.4% rise in the same period last year.
Mapped: Areas with the highest (& lowest) daily property price growth since the start of the pandemic
Zoopla estimates that the average UK home has seen its value climb by £48 every day since March 2020 - but some areas have seen significantly higher growth of up £106, while the value of many London…