Marketing No Comments

More properties sell for over the asking price

One in eight (13%) properties sold for more than the original asking price in August – the highest recorded since November 2015.

NAEA Propertymark’s August Housing Report found that over half (53%) of properties still sold for less than the asking price last month;

Mark Hayward, chief executive, NAEA Propertymark, said: “It’s interesting to see that one in eight properties sold for more than asking in August this year.

To find out more about how we can assist you with your Mortgage requirements, please click here to get in touch

“Last month, we witnessed a boom in the number of prospective buyers following the government’s announcement of a Stamp Duty holiday, and it seems this is increasing the level of competition in the property market.

“With the increase in the number of prospective buyers since this announcement, many buyers are clearly willing to pay over the asking price in order to secure their dream home.”

The average number of sales agreed per estate agent branch stood at 12 in August, a slight decrease from 13 in July.

This is the highest figure recorded for the month of August since 2007.


Source: Property Wire

Marketing No Comments

UK property asking prices jump by record 2.3% month-on-month at turn of year – Rightmove

Asking prices for British houses put on sale in the five weeks to Jan. 11 rose by a record amount for the time of year, property website Rightmove said on Monday, adding to signs of a post-election bounce in consumer and business confidence.

Britain’s Royal Institution of Chartered Surveyors and major mortgage lender Halifax have both reported stronger-than-expected housing market activity since Prime Minister Boris Johnson’s election victory on Dec. 12.

Business surveys from Deloitte and IHS Markit have also perked up, as the election result ensures there will be a smooth departure from the European Union on Jan. 31 and no industry renationalisation by the opposition Labour Party.

Rightmove said average asking prices of property marketed between Dec. 8 and Jan. 11 jumped 2.3% in monthly terms, the biggest increase for that period since the survey started in 2002.

Prices were up 2.7% compared with the same period a year earlier, marking the strongest growth since July 2017.

“There now seems to be a release of this pent-up demand,” Rightmove director Miles Shipside said. “The housing market dislikes uncertainty, and the unsettled political outlook over the last three and a half years since the EU referendum caused some potential home-movers to hesitate.”

Asking prices, which are not seasonally adjusted, rose by 0.8% year-on-year in December’s release.

Britain’s housing market has slowed since June 2016’s Brexit referendum, especially in London and neighbouring areas, where higher property taxes as well as concern about the impact of Brexit on the region’s economy hurt demand.

There had been some signs of a pick-up in the housing market before the election.

Official data for November showed a 2.2% rise in house prices across Britain, the largest increase in a year, and Halifax said prices rose 4.0% in the 12 months to December, bolstered by the biggest monthly rise in almost 13 years.

But the broader economic picture in the run-up to election was downbeat, with GDP growth in the 12 months to November the slowest since 2012 at just 0.6%, and more Bank of England officials are considering cutting interest rates.

Reporting by David Milliken

Source: UK Reuters

Marketing No Comments

‘Summer buying spree’ in the housing market ahead of Brexit

The looming Brexit deadline is spurring some home buyers into action, according to a website.

The average asking price on a home across Britain still fell by 1% or £3,192 month-on-month in August, Rightmove said, adding this was a better performance than usual for the summer holidays.

The average price tag now stands at £305,500.

The number of sales being agreed is the strongest for this time of year since 2015 and are 6.1% higher than a year ago, according to the index.

The North East of England, the East of England and Yorkshire and the Humber are leading the way with sales over 10% higher than a year earlier, Rightmove said.

Miles Shipside, Rightmove director said: “Surprisingly there seems to be a bit of a summer buying spree, despite it normally being a quieter time of year.

“For some reason more buyers have cottoned on to the fact that it can be a good time of year to buy, with less competition from other buyers, and sellers typically more willing to accept a lower price.”

He continued: “While the end of October Brexit outcome remains uncertain, more buyers are now going for the certainty of doing a deal, with some having perhaps hesitated earlier in the year.”

By Vicky Shaw

Source: Yahoo Finance UK

Marketing No Comments

Properties selling at slowest rate for five years as market slump continues

The property market is moving at its slowest rate for five years, claims.

Analysis of listings data from the property website found the median time on the market for May is 89 days – 11 days longer than the same month last year and the slowest rate for this time of year since 2014.

Time on the market – defined as the period between listing and sold subject to contract – is now at its slowest rate in ten years for London at 96 days.

Supply continues to fall, with new instructions down 9% year-on-year across the UK and down 28% in the capital, while total stock levels are up just 1.7%.

This malaise has seen asking prices increase just 0.5% on a monthly basis but fall 0.2% annually to £307,521.

Doug Shephard, director of, said: “Uncertainty is a highly corrosive factor for the economy. Decisions are postponed indefinitely, projects put on hold and normally bold actors become cautious in the midst of the unknown.

“The Brexit mess may not hamper the purchase of a pair of jeans, but the housing market is severely affected because the stakes are so high.

“Key factors such as cost, importance of timing and the irreversible commitment involved in a home purchase make the current economic environment almost unbearable for the average buyer or seller.

“Uncertainty in the market moves the ‘invisible hand’, a term coined by Adam Smith to describe the unobservable market force that helps the supply and demand of goods in a free market to reach equilibrium.

“That equilibrium is vital for price recovery but is currently being undermined by a growing crisis of confidence in the housing market, especially in Greater London.

“While evidence of falling demand is widespread across the UK, in London both supply and demand are collapsing, and this is causing an acute distortion of the market.

“Price fluctuations during such episodes are to be taken with a pinch of salt. Low volumes lead to extreme volatility in several key market price indicators.

“Take the Halifax and Rightmove indices, which are showing wild variations from month to month and adding to confusion in the marketplace.”


Source: Property Industry Eye

Marketing No Comments

London house prices fell 1.5 per cent in December as Brexit bites

The average asking price for London houses fell 1.5 per cent in December compared to the previous month as Brexit uncertainty continued to dampen the capital’s property market, according to figures released today.

Figures from the latest Rightmove House Price Index showed the average asking price for a London home is now just under £594,000. Nationally, asking prices increased by an average of 0.4 per cent in December.

“Given the current market backdrop and ongoing political turmoil, it’s not surprising that the more challenging conditions in London and its nearby regions mean that they appear to have had a slower start to the year,” said Miles Shipside, Rightmove director and housing market analyst.

The average time taken to sell a home in London in December was 82 days, up from 78 days at the same time last year. London houses took almost two weeks longer to sell than the national average of 70 days.

Brian Murphy, head of lending for Mortgage Advice Bureau said: “It’s no surprise that today’s report suggests that the northern regions of the UK appear to have had a brisker start to 2019 than London and the south, as this is a continuation of the disaggregated picture we saw last year.”

Despite the sluggish market, Rightmove reported that visits to its website in the first two weeks of 2019 were up five per cent on last year.

Murphy said that “regardless of the ongoing Brexit-driven headlines, this perhaps highlights that regardless of geopolitics, people both need and want to get on with their lives”.

Source: City AM

Marketing No Comments

2019 ‘may be year of improving not moving’ for housing market

2019 could be the year of improving rather than moving for the housing market as various obstacles prompt home owners to stay put, experts predict.

With the fog of Brexit uncertainty still hanging over the market – and other issues such as affordability and a lack of choice for buyers – some experts believe house price growth will take a pause in 2019.

A North-South divide may also continue to open up, with house price growth in previously “booming” parts of the South proving weaker than growth further north where affordability is less stretched, according to forecasts.

Fionnuala Earley, head of market insight at, expects to see a 1% dip in house prices across the UK in 2019 followed by a 1% increase in 2020 – with stronger growth of 2.5% in 2021 and 3.5% in 2022.

She said: “Looking ahead, we should expect only very modest house price growth on a national scale, but with weaker conditions in London, the East and the South.

“Housing market activity will remain broadly flat compared with recent years as uncertainty stymies decision-making and transactions costs continue to hinder movement.

“This combination has tilted the balance in favour of improving rather than moving as the choice of property to buy is limited.”

The Royal Institution of Chartered Surveyors (Rics) expects house prices to come to a standstill by mid-2019.

Rics economy Tarrant Parsons said: “Demand has tailed off over recent months, with Brexit uncertainty causing greater hesitancy as the withdrawal deadline draws closer.

“That said, the current political environment is far from the only obstacle hindering activity with a shortage of stock continuing to present buyers with limited choice, while stretched affordability is pricing many people out.”

Meanwhile, property website Rightmove predicts house-sellers’ asking prices will be unchanged at 0% across 2019.

Underlying the flat growth across the UK generally, Rightmove expects to see asking prices falling by around 2% around London’s commuter belt and decreasing by around 1% in Greater London itself.

Heading further north, where affordability is less stretched, asking prices could increase by around 2% to 4%, Rightmove predicts.

Director Miles Shipside said: “Since the property market’s recovery from the 2008 financial crisis, many parts of the northern half of the UK have seen marginal or relatively modest price increases.

“We predict that these areas will continue to see price rises, though tempered by affordability constraints.

“In contrast, regions in and around the influence of London saw prices go up in a five-year period by an average of around 40%.

“Consequently, we forecast that these previously booming areas will continue to see modest downward price re-adjustments in 2019.”

Mark Hayward, chief executive, NAEA (National Association of Estate Agents) Propertymark, said: “As we look ahead to 2019, there’s a fog of uncertainty. Brexit is undoubtedly fuelling a sense of apprehension in the housing market, which in turn affects sentiment.

“However, this slowdown presents a window of opportunity for first-time buyers who will find more affordable properties, granting them greater bargaining power.

“We usually see demand spike in the first few months of the year, but the landscape will probably be very different in 2019 as buyers sit on the fence and adopt a ‘wait and see’ strategy until the Brexit deal is complete.”

According to property analysts Hometrack, London house prices still equate to around 13 times incomes typically, despite some recent price falls in the capital – meaning affordability there is still very stretched.

During 2019, Hometrack expects house prices across the UK’s major cities to rise by 2%.

However, it forecasts house prices to see falls of up to 2% next year, while in more affordable cities such as Liverpool and Glasgow prices could rise by another 5%.

Richard Donnell, insight director at Hometrack, said: “Brexit is the greatest driver of uncertainty in the near term and the prospects are for a slow start for the housing market in 2019.”

Russell Galley, managing director, Halifax, has stronger expectations for house prices than some other commentators – and believes the UK could see house price growth as high as 4% by the end of 2019.

He said that, despite current political upheaval: “We expect annual house price growth nationally to be in the range of 2% to 4% by the end of 2019.

“This is slightly stronger than 2018, but still fairly subdued by modern comparison.

“Longer term, the most important issue for the housing market remains addressing the affordability challenge for younger generations through more dynamic housebuilding.”

Source: Yahoo Finance UK

Marketing No Comments

Asking prices for UK homes show biggest two-month fall in six years: Rightmove

Asking prices for properties being put up for sale in Britain have suffered their biggest fall over a two-month period since 2012, property website Rightmove said, the latest sign of a slowdown in the housing market ahead of Brexit.

Average asking prices for new sellers were down by a monthly 1.5 percent in the four weeks to Dec. 8 after a fall of 1.7 percent in the previous month, Rightmove said on Monday.

On an annual basis, asking prices across the country rose by 0.7 percent but fell in London by 1.1 percent.

Before the Brexit referendum in June 2016, asking prices as measured by Rightmove were rising by around 7 percent a year.

Rightmove director Miles Shipside said sellers typically priced properties lower before Christmas to get buyers’ attention.

“However, these falls have been larger than usual, making this the largest fall over two months for six years, showing that there are more than just seasonal forces at play,” he said.

The weakness in Britain’s housing market has appeared in other measures of house prices, something surveyors say reflects the uncertainty about the country’s exit from the European Union in March.

Rightmove said a relatively small fall in the number of sales suggested the lower prices were tempting some buyers into the market at a time of year which usually sees few transactions.

Source: City A.M.

Marketing No Comments

Subdued asking prices provide opportunity for first-time buyers

Average asking prices in the UK rose by just 1% in October, the lowest monthly rate of growth at this time of year since 2010.

The average asking price now stands at £307,245, up from £304,061 in September, according to Rightmove.

The slowest sector was properties with two bedrooms or fewer, with a 0.1% monthly price fall as a result of less buy-to-let investor activity, giving first-time buyers an opportunity this autumn.

Mortgage approvals for new buy-to-let purchases were down by 14% compared to a year ago and down by 53% compared to three years ago as the more punitive tax regime has taken effect.

First-time buyers helped to fill some of the gap left by lower buy-to-let activity with their year-on-year mortgage approvals up by 1%

Miles Shipside, Rightmove director and housing market analyst, said: “With the government using the tax system to try and help first-time buyers while deterring out-of-favour landlords, prices in this sector have been subdued as intended. That gives aspiring first-time buyers an autumn opportunity to negotiate a favourable deal.”

Robert Lazarus, managing director of sales at Paramount Properties in North West London, said: “There’s a better opportunity for first-time buyers coming in to the market at the minute compared to a couple of years ago, especially if they’re looking for a one bed flat.

“Before the additional stamp duty on second homes came in we were selling 20% of these flats to landlords which was driving prices up, and now we’re selling less than 5% of them to landlords, giving first-time buyers the first pick of new stock that comes on.”

Source: Your Money

Marketing No Comments

Asking prices growing at slowest rate for over six years as investors sit on their hands

Asking prices are now growing at the slowest annual rate for over six years as buy-to-let investors become less active, Rightmove said today.

A second property website, Home, said that the market correction is “well underway”, while Hamptons International said landlords are buying fewer buy-to-let  properties and spending less when they do buy.

According to Hamptons, there were 64,260 buy-to-let purchases in the first half of this year, down 13% on the same period last year, and 31% down on the first half of 2015.

Landlords spent £12.1bn on buying rental properties, down 30% from the £17.3bn spent in 2015.

Separate Rightmove data out this morning shows new asking prices were up just 0.9% annually this month to £307,245, which is the lowest annual rate of growth since February 2012.

Price growth has also hit lows on a monthly basis, at 1%, the lowest rate for October since 2010.

The overall low rates of growth were attributed to asking price falls on smaller homes typically purchased by landlords and first-time buyers.

For two-bedroom or smaller properties, new asking prices fell 0.1% over the month to £190,587, with selling time rising  from 55 to 58 days.

Miles Shipside, housing market analyst for Rightmove, said: “Landlords are clearly buying far fewer properties and that leaves a gap in the market for first-time buyers.

“While landlords were hit with a 3% Stamp Duty surcharge on property purchases back in April 2016, in contrast most first-time buyers were effectively awarded Stamp Duty free status in November 2017.

“The fall in prices at the bottom of the market during what is a traditional busier time means that those keen to sell need to price accordingly, which gives an opportunity for those Stamp Duty free first-time buyers to negotiate harder.

“First-time buyer mortgage approvals are up, albeit by a marginal 1% year-on-year, showing that some first-time buyers are helping to fill the gap in the market left by less competition from investors.

“If the Chancellor’s Budget this month encourages more landlords to sell to long-term tenants via Capital Gains Tax relief, then landlords who are looking to sell and renters who aspire to become first-time buyers could work together for their mutual benefit.”

Meanwhile, Home has claimed price cutting is “the new normal”.

The property information website said 16% of properties currently for sale have had their prices reduced in the past 30 days, a percentage last seen in January 2009.

The total number of properties that had their asking prices reduced in September soared to levels last seen in September 2011 at 83,780 in the UK, Home said.

This put average asking prices at £309,366, up just 0.6% annually.

Overall supply of property for sale in the UK was up by 6% and the total stock for sale has increased by 10.7% year-on-year, while typical time on the market has increased by three days to 92 this month compared with October last year.

Doug Shephard, director of Home, said: “The market correction is now well underway. This month another key region, the east of England, joined the year-on-year negative club, and the south-west is applying for membership.

“Overall, annualised price growth for England and Wales looks set to hit zero by the end of the year and fall into the negative in early 2019.

“This is the hangover after one of the biggest property investment binges in UK history, fuelled, of course, by ultra-low interest rates. How long it will take to play out is unclear but we don’t expect the market to return to overall growth any time soon.”

Hamptons said that lack of new supply has led to rent rises in every region.

Source: Property Industry Eye