Property News

Large estate agent chain’s profits also hit as interest rate rises and cost of living crisis put off potential buyersShares in some of the UK’s largest housebuilders and one of the country’s biggest estate agent chains fell on Friday, amid the latest warnings about the outlook for the housing market, as potential homebuyers are […]

‘Participatory budgets’ such as one project in east London are revitalising areas and improving accessibilityChildren of all ages hang out at the seating area. One group of teenagers from a local school call the sunny bench between two planters their “chill spot”. One family sits out on a shady seat with the baby on […]

Competition among tenants for properties intensified by potential buyers delaying plans and lower supply of smaller homesDemand for rental homes across the UK has jumped by nearly a quarter in a year, research has found, piling more pressure on an oversubscribed market and pushing record private rents even higher.The number of people enquiring about […]

Nature’s cycle disrupted by summer heatwave and ‘exceptionally mild’ autumn, with dormant plants bursting back to lifeAmong the yellow and brown clumps of fallen leaves and the skeletal frames of deciduous trees this autumn are some surprising finds: green shoots and bright flowers.Recent mild temperatures and wet conditions have encouraged some plants that should […]

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Fixed interest rate deals starting to drop and could ‘fall further still’, says MoneyfactsThe average rate on a five-year mortgage deal has dropped below 6% for the first time since the disastrous mini-budget two months ago that ended up costing Kwasi Kwarteng his job as chancellor.Moneyfacts, a financial data provider, said on Tuesday that […]

Exclusive: lessons from the death of Awaab Ishak in Rochdale ignored, say experts, as environmental health inspectors told to focus on lifestyleThousands of renters could be blamed for toxic black mould and other potentially deadly hazards under a government overhaul of the housing enforcement system.Leaked documents seen by the Observer suggest councils inspecting rented […]

The developer sees its new headquarters in Hong Kong as the ideal location to tap into demand in Asia, and is confident of steady international interest in living and investing in the British capital. Source : South China Morning Post Read more…UK property developer London Square opens first international branch in response to […]

People say they are unable to buy a home or taking on a second job to pay for their loanUK house prices stalled last month after more than two years of growth, amid sharp rises in mortgage rates triggered by the Liz Truss government’s disastrous mini-budget.Recently installed chancellor Jeremy Hunt will set out his […]

The U.K. property market may be verging on a major downturn as data points to the biggest slump in demand since the Global Financial Crisis. Source : cnbc.com Read more…UK property market at risk of major downturn as recession fears loom

A steady stream of bad economic news has filtered into Britain’s property market, prompting fears that prices could tumble. But how worried should people be? Rupert Jones reportsEver since Margaret Thatcher’s ‘right to buy’ revolution in the 1980s, the UK housing market has been an obsession for millions of people. For many, buying a […]

House prices for buyers have started to fall, while housing rents have reached record highsFor Joe, a youth worker in his 20s, soaring rents have made living and working in London precarious.“Our rent costs 50% of our combined wage before bills,” says Joe, who shares with his partner, a receptionist. They pay £1,450 a […]

Hike in mortgage costs after mini-budget cuts 20% off buyer demand in OctoberFirst-time buyers pulled back most from purchasing a home after the increase in mortgage costs following the mini-budget, according to a report showing a widespread slowdown in the property market. Figures from the property platform Rightmove show buyer demand fell 20% in […]

Record numbers of older people are freeing up money from their homes – but doing so does have its drawbacksAn increasing number of older people are considering dipping into the value stored in their homes to help with the UK’s cost of living crisis.Some want cash to upgrade their boiler or install solar panels […]

Source : telegraph.co.uk Read more…Economy shrinks as UK heads for recession – live updates

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Anxiety Nation report finds clear links between financial insecurity and poor mental healthPrivate renters are twice as likely as homeowners to suffer symptoms of anxiety, according to research that finds clear evidence of the links between financial insecurity and poor mental health.In a report called Anxiety Nation, researchers from the Joseph Rowntree Foundation (JRF) […]

The drop follows two years of growth, although property professionals recorded some regional variationHouse prices stalled last month after more than two years of growth as a sharp rise in mortgage rates fuelled caution among buyers, according to Britain’s official surveyors body.The Royal Institution of Chartered Surveyors (Rics) also predicted that rents will be […]

Housebuilder says cancellation rate has risen sharply because of interest rates and economic uncertaintySales and prices of new-build houses have fallen and cancellation rates have risen in recent weeks at Persimmon, in further evidence the property market is entering a downturn.The company, one of Britain’s biggest housebuilders, said demand had waned and uncertainty had […]

House prices dropped at fastest monthly rate since February 2021, as newer buyers risk falling into negative equityUK house prices fall after ‘significant shock’ of mini-budgetChina has suffered its first contraction in international trade since May 2020, early in the pandemic, in a sign that the global economy is slowing.Exports and imports unexpectedly contracted […]

Halifax reports steepest monthly drop since February 2021 amid interest rate risesUK house prices fell by 0.4% in October after Liz Truss’s mini-budget drove a sudden rise in mortgage rates, the lender Halifax said.The decline in the average price to £292,598 was the third in the past four months and the steepest since February […]

From loans to mortgages, house prices to credit cards – all you need to know about the biggest rate rise since 1989The Bank of England has hiked interest rates by 0.75 percentage points to 3% – the eighth rise since last December and the biggest since 1989. So what does this mean for your […]

Average price of a property drops to £268,282 in October as interest rate rises hit affordabilityUK house prices fell for the first time in more than a year in October, as the Liz Truss government’s mini-budget wreaked havoc on the housing market, pushing mortgage rates sharply higher.The average price of a property fell by […]

Investors are increasingly looking for properties close to universities and schools Source : arabianbusiness.com Read more…UAE real estate investors driven by UK’s education sector

The property we want is £500,000 and my husband previously owned a flat in Britain but it has been soldQ My husband and I are planning to buy a house together but we’re really confused about what stamp duty we’ll need to pay.We’re both British but we are currently living and working abroad so […]

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Bank says there has been some slowdown in customers trying to get new mortgages in recent weeksPre-tax profits at NatWest Group remained flat between July and September at £1.1bn, amid a worsening economic outlook and a cost of living squeeze on its customers, as the bank predicted UK house prices would fall by 7% […]

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Despite promises made after the last crash, too much wealth depends on values bloated by an oversized financial sectorHouse prices are predicted to drop next year due to a mixture of financial instability caused by the misjudged mini-budget and the Bank of England accelerating interest rate hikes. This will be disastrous for many households […]

UK-based developers are ramping up sales launches and marketing promotions in Hong Kong as the weakened pound makes British property more attractive. Source : South China Morning Post Read more…Weaker pound proves a draw for Hongkongers buying UK homes, though stricter energy saving requirements may drive up costs

Experts say mini-budget has fed ‘sense of mounting dread’ into market with sales likely to plungeThe number of homes sold in September fell by nearly 40% as transaction levels returned to normal following the big spike caused by the Covid stamp duty holiday, with experts suggesting the real “house sales horror story” is still […]

Renters are spending more than 30% of income on housing against backdrop of possible eviction due to rising demandElle Young, 29, who works in arts funding, lives in an illegal sublet in London to make her rent more affordable. She is one of five people living in a three-bedroom property. There is mould and […]

The Palm Jumeirah mansion was purchased by Ambani from family of Kuwait’s Mohamed Al Shaya Source : arabianbusiness.com Read more…Dubai’s 3 million villa purchased by billionaire Mukesh Ambani

Company warns that next 12 months will be tougher, with economy likely to go into recessionThe UK housebuilder Bellway has said demand for houses has moderated since the summer and it expects the number of sales to be roughly flat over the next year against a backdrop of rising interest rates and a worsening […]

Average price of a property coming to market up 0.9%, says Rightmove, but first-time buyer demand has droppedAsking prices for houses in the UK edged higher in October, although demand from first-time buyers has dropped as mortgage rates surge.Despite the economic turmoil since the government’s mini-budget last month, there has been little immediate sign […]

Increase adds up to a £26bn rise for homeowners, says Resolution Foundation thinktankMore than five million families could see their annual mortgage payments rise by an average of £5,100 between now and the end of 2024, heaping fresh pain on households already struggling with higher food and energy bills.The increase adds up to a […]

Plants damaged by extreme temperatures are most at risk of disease, Royal Horticultural Society saysSummer’s prolonged droughts and extreme heat have made plants more susceptible to problems such as fungi and insects this coming autumn, the Royal Horticultural Society has warned.Plants stressed or damaged by the heat are most at risk of disease, but […]

Getting out of joint mortgage, lack of savings and cost of paying for new place main obstacles to leaving, survey findsA third of home-owning couples in the UK stay living together after they split up, research suggests, for an average of more than a year.About 95% of these couples spend at least a month […]

RICS report says rise in repossessions will add to supply while soaring interest rates price buyers out of marketHomeowners will struggle to make mortgage repayments and repossessions will rise next year as soaring interest rates and falling prices mark the end of the UK’s 13-year housing market boom, according to a sobering report from […]

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Source : telegraph.co.uk Read more…Pound sterling Bailey Bank of England FTSE 100 bond yield gilts GDP UK economy

As the U.K. mortgage sector has been in turmoil, what do first-time buyers need to keep in mind as they buy their property. Source : cnbc.com Read more…UK mortgage rates are soaring: Here’s what you need to know as a first-time buyer

The UK’s most expensive home, a 45-room private palace overlooking London’s Hyde Park, is said to be on the market. Source : arabianbusiness.com Read more…UK’s most expensive home: 0m property attracts Arab interest

Seven-storey Knightsbridge property overlooking Hyde Park has more living space than American football pitchThe UK’s most expensive house – a 45-room “private palace” overlooking Hyde Park – is up for sale nearly three years after it was sold to a Chinese billionaire for more than £200m.The Guardian understands that at least five prospective buyers […]

Average house price fell by 0.1% month on month in September to £293,835, says HalifaxExplainer: UK mortgage rates are soaring – what can you do?Rising mortgage costs and the broader cost of living crisis will push UK house prices down more sharply in the coming months, said Halifax, after prices dipped 0.1% in September.Halifax […]

Property market turmoil is unsettling both first-time buyers and those remortgaging, We set out their optionsRates on new mortgages continued to climb this week as the fallout from the mini-budget continued to reverberate through the housing market. The higher rates on offer are bad news for first-time buyers and those looking to remortgage, who […]

Chancellor’s meeting with high street lenders comes amid mounting concern over fallout from rising loan ratesHigh street bank bosses will tell the chancellor, Kwasi Kwarteng, that they have growing concerns over the state of the UK’s mortgage market when they gather at Number 11 Downing Street on Thursday.The meeting – which is expected to […]

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Source : telegraph.co.uk Read more…Pound holds steady after Fitch drops UK credit outlook to ‘negative’ – live updates

These bunkers, which are built to sustain unprecedented crises – such as war – are in demand, especially as the threat of nuclear weapons looms large over the Russia-Ukraine crisis Source : arabianbusiness.com Read more…Nuclear bunkers for sale: Real estate firm offers mn shelters in UAE, UK, US amid rising tensions over Russia-Ukraine […]

Government’s 45p tax U-turn and calmer stock markets do not result in cheaper new mortgage dealsThe average rate on a two-year fixed mortgage has jumped to just under 6%, according to data released on Tuesday, dashing hopes that government efforts to calm the financial markets might ease the cost of home loans.Amid warnings from […]

Chancellor’s mini-budget sees home loans withdrawn and purchasers left in limboHomeowners and potential buyers have been left feeling “totally powerless” this weekend as thousands wait to find out whether their mortgage deals will now cost them hundreds of pounds extra a month while brokers report people already pulling out of the market or preparing […]

This summer saw vast tracts of parks and lawns scorched by drought in the UK, but more watering is not a sustainable solution. So what does the future hold for grass?John Bennett Lawes and Joseph Henry Gilbert were fired up by an unusual mission: how could they help grass grow? It was the heyday […]

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The pound dived and stock markets tumbled after the mini-budget – here’s what you need to knowThe financial rollercoaster we’ve all been riding for a while took another lurching turn this week after the fallout from Kwasi Kwarteng’s mini-budget continued to cause chaos.Mortgage deals evaporated and were in many cases dramatically repriced upwards, throwing […]

Prices in London are down nearly 20% over the past year on price declines and currency impact, according to global consulting group Knight Frank. Source : cnbc.com Read more…American homebuyers are finding UK bargains, discounted by a weaker pound

Lender says slowdown will intensify in coming months as household budgets come under more pressureUK house price growth flatlined in September with a stronger slowdown expected in the coming months as a combination of soaring inflation and mortgage rates makes moving unaffordable for many.The latest snapshot from the building society Nationwide comes at the […]

Russia to sign treaties on Friday to absorb four regions of Ukraine Source : arabianbusiness.com Read more…Russia set to annex four Ukraine regions on Friday

Hundreds of mortgage deal offers in the U.K. have been pulled after market chaos sparked concerns about interest rates rising as high as 6% for 2023. Source : cnbc.com Read more…Record number of UK mortgage deals pulled in one day as market mayhem takes hold

Lack of supply will prevent crash, say some, while others predict ‘simple maths’ mean property price bubble poised to burstAll the day’s political developments – liveTurmoil on the UK’s financial markets has prompted analysts to predict that house prices could fall by as much as 20% amid “carnage” in the mortgage sector and warnings […]