Tag: UK housing market

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
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
Report tackles shortage of rented homes

Report tackles shortage of rented homes

With soaring demand for accommodation pushing rents to an all-time high, a new report suggests that rules on affordable homes should be relaxed to encourage the building of homes for rent. The average rent paid by private tenants in England and Wales reached £725 a month in July according to property group LSL. The government […]

August 23, 2012 More
Rightmove: asking prices up 3%

Rightmove: asking prices up 3%

House sellers coming to market in February increased asking prices by 3.1%, compared with January, Rightmove reports. The typical home is currently for sale at £230,030 or 0.3% more than this time last year, but the bulk of vendors could face disappointment in today’s “three-tier” market. The property portal warns that lenders are focused on […]

February 21, 2011 More
House purchase lending slumps again

House purchase lending slumps again

New data from the Bank of England show the number of loans approved for house purchases falling in August, marking the fourth consecutive monthly drop. Mortgages were secured by 47,372 homemovers and first-time buyers, down from 48,346 in July and below the previous six-month average of 48,619, although it should be noted that August is […]

September 29, 2010 More
UK’s repossession story not over yet

UK’s repossession story not over yet

A leading credit rating agency has warned that government cuts and tax increases could result in a rise in repossessions across the UK housing market. According to Standard & Poor’s (S&P), the house price crash did not bring the average cost of a home in line with household incomes, and measures yet to be implemented […]

September 10, 2010 More
Property rich retired Britons ripe for equity release

Property rich retired Britons ripe for equity release

Retired British homeowners have total property wealth of up to £775 billion, according to equity release firm, Key Retirement Solutions, with research also suggesting they have gained a collective £7.94 billion in the past three months alone, despite the fragility of the UK housing market. The biggest winners over the summer months were retired homeowners […]

September 9, 2010 More
Barratt completions take a tumble

Barratt completions take a tumble

Barratt Developments completed 11,377 homes in the year to the end of June, down from 13,277 in the previous 12 month period. Furthermore, over the 10 weeks since the group’s financial year end, net private reservations averaged 0.48 per active site per week, down from 0.51 in the same period of 2009. Cancellation rates remained […]

Government credit controls may impact mortgage market

Government credit controls may impact mortgage market

The recovery of the UK housing market could be under threat with reports that the Bank of England may restrict mortgage lending. The Bank’s deputy governor, Charlie Bean, has apparently indicated that new measures aimed at stabilising the economy could set deposit levels for UK mortgage borrowers at between 10% and 25%. The deputy governor […]

August 31, 2010 More
Taylor Wimpey: UK housing market “relatively robust”

Taylor Wimpey: UK housing market “relatively robust”

Taylor Wimpey has reported “relatively robust” UK housing market conditions over the first half of 2010, having achieved 4,804 legal completions, up slightly from 4,702 a year earlier. The group sold 3,925 homes to private buyers and 866 to affordable housing providers, with the remainder joint ventures. Encouragingly, the developer’s cancellation rate scaled back to […]

August 5, 2010 More
Mortgage fears erode housing market confidence

Mortgage fears erode housing market confidence

Concerns over mortgage finance are gnawing away at confidence in the UK housing market, according to Zoopla.co.uk. In a recent survey by the property website, 78% of respondents expected house prices to rise by the end of the year, down from 81% three moths ago. Thirty four per cent of those questioned named a shortage […]

July 6, 2010 More
Annual house price growth drops back to 7.8%

Annual house price growth drops back to 7.8%

In its latest overview of the UK property market, Assetz has reported that the average value of a home was 7.8% higher in May than a year earlier. The firm, which compiles monthly average figures from five of the major house price indices, calculates that the annual rate of growth dropped back from 9.1% in […]

June 20, 2010 More
Confidence in UK housing market slips

Confidence in UK housing market slips

Less than half of those contributing to the Building Societies Association’s (BSA) June Property Tracker survey think that now is a good time to buy a home. The confidence level slipped to 45%, down from 49% in March, possibly reflecting concerns about the state of the economy and the various austerity warnings issued by the […]

June 16, 2010 More
House sellers liberated by demise of HIPs

House sellers liberated by demise of HIPs

The Government’s decision to scrap Home Information Packs (HIPs) has resulted in a surge of new instructions. The UK’s biggest estate agency has reported that the number of homes being put up for sale has risen by a third since 20th May, when ministers called time on the packs. According to Countrywide, new instructions are […]

May 31, 2010 More
Mortgage lending down as funding challenges persist

Mortgage lending down as funding challenges persist

Gross mortgage lending fell to an estimated £10.2 billion in April, down 12% from £11.6 billion in March and 1% from £10.3 billion in April 2009. According to the Council of Mortgage Lenders (CML), a slight seasonal decline had been expected as Easter fell in April this year and gross lending remains broadly in line […]

May 21, 2010 More
Housing market experiences Spring boost

Housing market experiences Spring boost

The UK housing market is experiencing a Spring boost, according to the Royal Institution of Chartered Surveyors (RICS). In its April survey of members, a net balance of 17% more surveyors reported a rise (rather than a fall) in house prices, compared with a positive balance of 9% in March. Furthermore, the average number of […]

May 11, 2010 More
Taylor Wimpey upbeat on buyer confidence

Taylor Wimpey upbeat on buyer confidence

Taylor Wimpey describes UK housing market conditions as “encouraging” since the start of the year, with continued gradual improvements in mortgage availability and buyer confidence. Britain’s second-biggest house builder estimates that it has achieved 99% of its half-year sales targets and 74% for the full year. Private sales volumes remain in line with a year […]

April 30, 2010 More
Gross mortgage lending remains on track

Gross mortgage lending remains on track

Gross mortgage lending leapt to £11.5 billion in March, a 24% rise on February and up 3% on a year earlier, according to the Council of Mortgage Lenders (CML). However, the figure is in line with the usual seasonal trend and gross lending for the first three months of the year stood at £29.5 billion, […]

April 19, 2010 More
Broker reports spring flurry of mortgage applications

Broker reports spring flurry of mortgage applications

Applications for home loans have bounced back to February 2008 levels, according to Countrywide. The mortgage broker has reported a 20% increase in applications during March (compared to February) marking the third consecutive monthly rise. Looking back over the first quarter of 2010, volumes were up 9% year-on-year indicating that property buyers have a renewed […]

April 14, 2010 More
Britons confident of house price gains

Britons confident of house price gains

Britons appear to have regained their confidence in the UK housing market with new research claiming that four out five people expect house prices to continue rising during the next six months. According to property website, Zoopla.co.uk, optimism is at a two-and-a-half year high, with the average increase predicted at 5.7%. The firm’s commercial director, […]

April 7, 2010 More