UK Property Market
Interest rates up to 5.75 per cent
After a new rise by the Bank of England, interest rates reached the highest base rate over the last 6 years. Although widely predicted and expected by industry professionals, the recent 0.25 percentage increase, the fifth approved by the Bank of England since August 2006, caused divergence of opinions among experts across the nation.
According to some industry representatives, this rise is likely to bring a home price crash to an already suffering market. First-time buyers especially will face a challenge when borrowing, while monthly payments are likely to see a big rise when households come to the end of fixed-rate deals. Other real estate analysts, however, believe that the market will tighten after this rise, without any damage to its stability.
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read users' comments (0)Home prices rise by 0.4% in June
According to a study by
The overall rise in home prices during the second quarter of 2007 is two per cent, which is considerably less than the first quarter’s three per cent rise. It is also well below the fourth quarter of 2006, when the rise was 4.2 per cent, which supports the idea that inflation is slowly going down. Nationwide, however, home prices will continue to go up because of the rises in mortgage rates and negative real earnings.
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UK’s new built properties are behind those in the EU
According to the Royal Institute of British Architects (RIBA), the standards for new properties must change in the near future. The organization has recently launched a new housing policy titled Better Homes and Neighbourhoods, which points out the need for change as newly built properties in
RIBA also encourages the government to become more efficient in administering the existing housing stock. Since only one per cent of this housing stock is renewed every year, a more comprehensive approach needs to be carried out. In order to help deal with the situation, RIBA is determined to support communities by delivering higher design standards.
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London rents hit record levels in June
According to the lettings index by Knight Frank’s
Over the last three months, the largest rises in central
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London’s Brent is UK’s most unaffordable place to buy
Recent research from Woolwich Mortgages analysed the ratio between household income and mortgage payments in different locations all over the
In three
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Top properties with gardens are worth 12% more
Recent research from Haart estate agents shows that Britons prefer houses with outdoor features such as tennis courts, swimming pools, waterside landscapes, triple garages, or sculpture designs. Another major value-adding factor is privacy, since properties having private access and a security system are selling for five or four per cent more.
The survey also finds that, on average, garden designs add 12 per cent to the value of homes worth over £600,000. Experts point out that this is mainly due to the summer season, as people are keener to have an outdoor space for relaxation, exercise, or entertainment. Those interested in landscaping their gardens are advised to take a closer look at the latest trends in traditional shows (e.G. Chelsea Flower Show).
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Newly built houses reach record price of £260,832
The monthly survey from SmartNewHomes.Com shows that the overall 1.3 per cent rise in house prices was determined mainly by the significant increases registered in the south-west and
This record price for newly built properties comes after several downfalls in the first months of the year. Although the new house price was slightly under £260,000 in December last year, the annual average price went up by only 0.3 per cent.
This trend, however, was discontinued in May, with
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One third of house hunters use online services
A new survey by Halifax Estate Agents reveals that 29 per cent of those looking to buy a home start hunting for a property online. The research also shows that, in their turn, homeowners are three times more likely to consider house hunting online if they were to move again.
The use of online property portals is also related to the age of the buyers, with 42 per cent of those between 18 and 44 already performing online searches. For people aged 45 or more, the figure is less than half, although on the rise, with 20 per cent doing online house hunting. Among the advantages of searching a home online the study mentions the easiness and convenience of the process, since thousands of properties are just a click away from one’s own home.
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Mortgage lending market slowing down
The Council of Mortgage Lenders (CML) points out that mortgage lending starts showing signs of slowdown, after the considerable growth registered last year. However, the lending figure recorded in May is a new record, with mortgages summing up to £30.6 billion, a five per cent rise in comparison to May 2006.
Experts predict that lending levels will drop by the end of the year, although the market is bound to stay in the same shape. In this context, the Royal Institution of Chartered Surveyors (Rics) warns home buyers about the affordability levels deteriorating even more. While increasing interest rates will reduce the demand in autumn and winter seasons, the market is still on its way of reaching a record level of £360 billion in lending in 2007.
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OFT plans to investigate the house building market
After receiving the recommendations of the Barker Review of Housing Supply 2004, the Office for Fair Trading (OFT) has been supervising the home building market and is now considering further studying it. The OFT’s main concern is that consumers could be at a loss on today’s market. While the study will not concentrate on environmentally-friendly home building or suggest where development should be made, it will assess different ways to reduce the burden on this market.
According to OFT representatives, the study will focus on identifying ways to improve the customer experience of buying a new-build home, since for many this is the most significant purchase of their lifetime. Due summer 2008, the OFT study will also look at the quality of new homes, as well as the customer satisfaction levels.
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