Latest: Property News

Home rental costs down in November

Home rental costs down in November

The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. […]

December 21, 2012 More
Housing market recovery to continue next year

Housing market recovery to continue next year

Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on […]

December 20, 2012 More
First-time buyers take a decade to save for a deposit

First-time buyers take a decade to save for a deposit

Before the credit crunch it took first-time buyers two to four years to save up a deposit for a property but a quarter of first-time buyers now say it will take them at least ten years. In its latest Property Tracker report, the Building Societies Association (BSA) suggests that since September 2010 raising a deposit […]

December 17, 2012 More
Little change in house prices next year says Halifax

Little change in house prices next year says Halifax

The Halifax reported a 1 per cent monthly rise in house prices in November to £160,879 but says the housing market is ‘more unclear than usual’. According to the lender’s figures, average house prices across the UK have been on a downward trend for the past six months. Compared with the previous year, prices have […]

December 6, 2012 More
House prices stable says Nationwide

House prices stable says Nationwide

The average price of a house remained at just under £164,000 in November, the same as the previous month but 1.2 per cent lower than in November last year. The average house price is now 12 per cent lower than it was in October 2007 when it peaked at £186,044. The figures from the Nationwide’s […]

November 29, 2012 More
Planning Minister calls for house building on open land

Planning Minister calls for house building on open land

Housing Minister Nick Boles suggested on the BBC’s Newsnight programme that more housing should be built on open land. Increasing the amount of developed land by a third to 12 per cent would “solve the housing problem” Mr Boles said. He said that in exchange for building on open land, greenbelt spaces would be defended. […]

November 28, 2012 More
RICS calls for greater regulation of lettings sector

RICS calls for greater regulation of lettings sector

The Royal Institution of Chartered Surveyors (Rics) is calling for the lettings sector to be more tightly regulated, to prevent lettings agents from charging unlawful fees. With many people unable to afford to buy a property in the current economic climate, the rental market is booming and research by Rics suggests that tenants need greater […]

November 22, 2012 More
House prices up 2% due to London effect

House prices up 2% due to London effect

Property website Rightmove has reported a 2 per cent increase in property prices year on year, but this is largely due to a rise in the price of luxury homes in London. The 2 per cent increase in November 2012 compared with the previous year, is the highest annual rate of increase since 2007. Across […]

November 19, 2012 More
Average rent rises to £744 a month

Average rent rises to £744 a month

The cost of renting a home continued to increase in October but at a slower rate, with the average monthly rent in England and Wales reaching £744, according to LSL Property Services. This is 0.4 per cent higher than the average in September and 3.4 per cent higher than in October 2011. October was the […]

November 16, 2012 More
RICS reports housing market rebound in October

RICS reports housing market rebound in October

Interest from potential home owners revived in October according to the latest figures from the Royal Institution of Chartered Surveyors (RICS). Eighteen per cent more firms reported an increase in interest from new buyers than those who reported a decline in enquiries. This is significantly higher than the 5 per cent of firms who reported […]

November 13, 2012 More
First time buyers turning to affordable housing schemes

First time buyers turning to affordable housing schemes

New research from Lloyds TSB suggests that more first time buyers are using shared equity and shared ownership schemes to help them take their first step on the property ladder. The bank found that 46 per cent of first time buyers are now using affordable housing schemes, with 26 per cent of them saying that […]

November 12, 2012 More
Housing minister calls for more self-build mortgages

Housing minister calls for more self-build mortgages

Speaking at a conference organised by the Council of Mortgage Lenders, Housing Minister Mark Prisk encouraged lenders to make it easier for people to build their own homes. He said that an increase in self-built homes could boost the UK housing market and should not be considered as a “pie in the sky dream”. In […]

November 8, 2012 More
Knight Frank predicts long recovery for UK property market

Knight Frank predicts long recovery for UK property market

UK property prices are unlikely to return to the peak levels seen in 2007, until 2019, according to international property consultancy Knight Frank. This would represent the longest period between price peaks since records began sixty years ago. Although property prices in central London have grown substantially, prices for the market as a whole have […]

November 7, 2012 More
Halifax reports fall in house prices

Halifax reports fall in house prices

House prices in the three months to October fell by 1.2 per cent compared with the previous three months, the Halifax said. According to the Halifax House Price Index, the average house price fell to £158,426 in October 2012, a fall of 0.7 per cent compared with the previous month, and 1.7 per cent lower […]

November 6, 2012 More
100,000 mortgage holders escape negative equity trap

100,000 mortgage holders escape negative equity trap

New figures from the Council of Mortgage Lenders (CML) reveal that the number of borrowers in negative equity fell 13 per cent to 719,000 between the first quarter of 2011 and the first quarter of 2012. The number of borrowers paying a mortgage greater than the value of their property fell despite a further small […]

October 30, 2012 More
Commission calls for radical change in housing market

Commission calls for radical change in housing market

A new study by the Future Homes Commission suggests that the way homes are built in the UK is dysfunctional and needs a radical overhaul. The organisation, which was established by the Royal Institute of British Architects, believes that 300,000 extra homes could be built every year without any input from Government funding. Instead, the […]

October 26, 2012 More
Average rent rises to all-time high

Average rent rises to all-time high

The average rent on a home in England and Wales increased to £741 a month in September, according to the latest buy-to-let index from LSL Property Services. This was 1.1 per cent higher than the average rent of £734 in August and represents a new record high. However the rate of increase has slowed, from […]

October 19, 2012 More
Pick up in UK house sales expected

Pick up in UK house sales expected

House sales in the UK are expected to improve in the next three months, helped by the government’s funding for lending scheme, according to the Royal Institution of Chartered Surveyors (RICS). The Funding for Lending scheme, launched by the government and the Bank of England, makes £80bn of lower cost funding available to lenders to […]

October 9, 2012 More
Nationwide suggests house prices will remain flat

Nationwide suggests house prices will remain flat

Nationwide building society has reported a 0.4 per cent fall in house prices in September, following a rise of 1.1 per cent in the previous month. However, the building society suggests that the annual rate of house price change is a more accurate indication of the state of the housing market, as monthly figures have […]

October 2, 2012 More
Shelter calls for greater security for tenants

Shelter calls for greater security for tenants

Housing charity Shelter is calling for landlords to offer Stable Rent Contracts, which would give families the confidence to turn a rented property into a home. Stable Rent Contracts, which would offer five-year tenancies, would also give landlords the security of a steady income, the charity said. Rents would increase in line with inflation each […]

September 21, 2012 More