Property News

Data shows cost of borrowing still falling from highs of summer, with five-year fix also downBusiness live – latest newsThe average cost of a two-year fixed-rate mortgage has fallen below 6% for the first time in almost six months, figures showed on Friday.In news that will be welcome to homebuyers and remortgagors, data from […]

Exclusive: plant from South America, also known as giant rhubarb, found to spread rapidly and choke native floraWith its dramatic leaves and sprawling structure, the giant rhubarb has long been a popular garden plant, gracing the grounds of stately homes and multiple National Trust properties.But the UK government is now to enact a ban […]

Monthly increase of 0.5% in November comes as average price of property goes up to £283,615, says HalifaxBusiness live – latest updatesUK house prices rose for the second month in a row in November, according to a leading index, as a slight easing in mortgage rates helped coax more buyers into the market.The average […]

Competition among sellers will increase as mortgage rates settle at ‘elevated’ level, website predictsAverage house prices in the UK will fall by 1% next year as competition increases among sellers, Britain’s biggest property website has forecast.Sellers were likely to have to price more competitively to secure a buyer in 2024, while mortgage rates would […]

Nationwide says average property price was £258,557 in November, £5,231 down on same month last yearUK house prices rose for a third consecutive month in November as the market responded to hopes that mortgage rate costs had peaked.Nationwide, the UK’s biggest building society, said prices rose 0.2% month on month in November, after a […]

Looking to get a good deal on one-off items that you can’t buy on the high street? We visit a sale and talk to bidders and expertsOne buyer is tempted by an old dressmaker’s dummy. Another has decided on an art deco brooch. Another has his heart set on a unique, hand-painted £1,500 door […]

Average discount stands at five-year high despite ongoing long-term shortage of homes for saleHomebuyers are in the strongest negotiating position for five years with an average £18,000 knocked off asking prices to land a deal amid a choppy housing market, research has shown.The average discount on a house purchase has reached its highest since […]

The university ‘has profited enormously off our gifts of land since 1840’, the iwi says. Source : nzherald.co.nz/Property Read more…Property Insider: Ngāti Whātua Ōrākei ‘keen to acquire’ 5m-plus Epsom campus; leasehold reform in UK; marinas all go

Leading property firms also call for more tax breaks and improved transport links to hubs ahead of autumn statementThe UK needs to build more laboratory space, improve transport links and offer more tax breaks to achieve Rishi Sunak’s ambition of becoming a science superpower, two leading property firms have argued ahead of the autumn […]

Once in a property, renters can find landlords monitoring their behaviour and making demands about washing and heating “I am from Manchester but have been living in London for the past six years. I am an IT engineer at a renowned London company, where I’ve been employed for the last three years. When I’m […]

Office for National Statistics says figure stood at £291,000 after first annual fall for more than a decadeBusiness live – latest updatesThe average price of a home in the UK dropped by 0.1% in the year to September, official figures show – the first annual fall for more than a decade.The Office for National […]

Britain’s rent crisis in numbers, measuring the increasing pressures on tenants over the past few yearsThere are now more tenants than ever; one in five of us in England and Wales is now a member of “generation rent”. The sector has never been more relevant, but its problems have also never been more obvious.Renters […]

Anyone can develop health issues from damp and mould, and simple preventive measures can make a big differenceThousands of people, including babies and toddlers, are hospitalised each year with lung conditions linked to damp and mould-ridden homes. As part of a Guardian series looking at the state of housing, in particular in the private […]

From a picturesque Oxfordshire cottage to a grand Georgian tenement flat in Edinburgh Continue reading… Source : theguardian.com Read more…Homes for UK first-time buyers – in pictures

Nationwide’s two-year fixed rate deal offered at 4.99% as lenders jostle for customersBusiness live – UK mortgage arrears rise as high rates hit borrowers A two-year fixed-rate mortgage priced at below 5% has gone on sale for the first time since early summer as leading lenders jostle to attract more customers.Mortgage brokers called Nationwide’s […]

Upmarket estate agent says prices will start to bottom out in 2024 as interest rates fall and will return to growth in 2025 Britain’s housing market is past “peak pain” and prices look likely to bottom out by next summer, according to the estate agency Savills.The average UK house price is projected to fall […]

Market likely to fall in short term amid high interest rates and living cost pressures, says HalifaxBusiness live – latest updatesUK house prices rose last month after a run of six monthly falls as sellers adopted a cautious attitude, leading to a shortage of homes on the market.The average price of a property rose […]

Offers for homeowners may look improved but deals are likely to come with larger product feesBank of England leaves interest rates at 5.25%Next move is likely down – analysisUK homeowners and buyers can expect a rash of mortgage deals with eye-catching rates but a sting in the tail from higher fees as banks try […]

Nationwide records monthly increase of 0.9% but average property value down 3.3% year on yearBusiness live – latest updatesUK house prices unexpectedly rose by 0.9% month on month in October, reflecting a constrained supply of properties for buyers to choose from, according to Nationwide’s index.However, the building society said the average property value was […]

Remortgaging at lowest level since January 1999 as borrowers face higher repaymentsUK mortgage approvals slumped in September amid mounting signs of stress in the property market, according to official figures before the Bank of England’s next decision on interest rates on Thursday.Figures from the central bank showed net borrowing of mortgage debt decreased from […]

Resolution Foundation says higher interest rates have led to a fall in house prices and pension potsThe recent rise in interest rates has been blamed for ending Britain’s wealth boom and causing total household wealth to plunge by a quarter since the Covid-19 pandemic.A report by the Resolution Foundation, a thinktank, and Abrdn, the […]

Britain’s biggest mortgage lender forecasts 5% drop over this year and another 2.4% decline in 2024UK house prices will continue to slide this year and in 2024 and will not start to recover until 2025, Lloyds Banking Group has forecast.The lender, which owns Halifax and is Britain’s largest mortgage provider, said that by the […]

Record $1.45 million Bukit Merah 5-room HDB Flat, Some HDB Sellers Raise Prices In View of Upcoming Plus BTO Flats, and More17 to 23 October 2023 A 5-room HDB resale flat in Bukit Merah was transacted for a record $1.45 million in October 2023, setting a new resale record for 5-room HDB resale flats […]

With the market expected to improve this year, the Conservatives will doubtless seek to exploit the reliable vote-winning toolProperty prices will go back up next year. Not by much. And not by enough for those who chart their wellbeing by the value of their home. In the pantheon of property price recoveries, it will […]

After a fire, the designer has revamped his Gloucestershire cottage, partly inspired by his love of the debauched side of the ancient worldWe are in the kitchen of Luke Edward Hall’s rural fantasy in Gloucestershire, talking about a near catastrophe that led to him and his husband Duncan Campbell to redecorate the cottage they […]

Residential care can cost tens of thousands of pounds a year. Here’s how to find a home you can affordJim Kirby was a cautious saver all his life, but now aged 84 he is nearly broke because of £86,400-a-year care home fees and an exhausting battle to get the state to make a contribution.The […]

City councillors pass motion to let community groups, charities and neighbours cultivate fruit and vegHull is set to become the first city in Britain to give people a “right to grow” on unused council land.Community groups, charities and even small groups of neighbours would be able to cultivate fruit and vegetables on suitable council […]

Rightmove says 0.5% rise is smallest for time of year since financial crisis 15 years ago as higher interest rates hit homeUK house prices are rising at the slowest rate for this time of year since the 2008 financial crash, according to new data that highlights the impact on the housing market of higher […]

The 3.13ha publicly owned site now a large carpark surrounded by shops on council land. Source : nzherald.co.nz/Property Read more…Eke Panuku to sell Northcote town centre for urban redevelopment

Owning the two properties is part of our transition into retirementQ My wife and I live in a house in the UK which we own together. Recently, we jointly bought a property in Greece with the ultimate intention of moving there on a permanent basis once we have both retired.In the meantime, I may […]

UK-based developer Berkeley Group has leased for a month the retail space formerly occupied by Italian luxury lingerie brand La Perla and Gucci in Causeway Bay. Source : South China Morning Post Read more…UK developer Berkeley takes a punt on Causeway Bay space once occupied by Gucci and La Perla, launches pop-up to […]

High mortgage costs result in sixth straight month of sellers being forced to reduce prices, says HalifaxBusiness live – latest updatesUK house prices fell at the fastest annual rate in 14 years in September, as high mortgage costs fuelled a sixth consecutive drop in a “buyer’s market”, according to Halifax.Halifax, Britain’s biggest mortgage lender, […]

National Trust predicts reversal of last year’s dull October and November, with show starting in ScotlandAfter a disappointing season last year when the wrong sort of weather at the wrong time made the autumnal colours of the UK’s parks, gardens and woodlands duller than usual, this October and November are expected to be brighter.The […]

Average rental property receives three times more enquiries from prospective tenants than in 2019Business live – latest updatesPrivate home rents in Great Britain have increased to their highest point on record after shortages in supply and mortgage rate rises combined to push the cost up by 10% over the past 12 months.The average rent […]

High interest rates blamed for year-on-year fall with price of average home £14,500 lower than September 2022.UK house prices fell by 5.3% in the year to September, with drops in price in every region of the country as rising interest rates squeeze the market.The house price index by Nationwide, the biggest British building society, […]

Buyers under 29 choosing at least 35-year repayment terms to bridge gap between rising living costs and high asking prices, says ExperianA quarter of young homeowners who have a new mortgage have opted to pay it back over 35 years or more in an attempt to make monthly payments more affordable, according to Experian.Analysis […]

Number of house sales also fell in August compared with a year earlier, says HMRCUK mortgage approvals fell in August to their lowest level in six months, as high interest rates cooled the housing market.The Bank of England said net mortgage approvals for house purchases fell from 49,500 in July to 45,400 in August […]

First time since early July that average rate has been below 6%, with some deals now under 5%The average new five-year fixed mortgage rate has fallen back below 6% for the first time since early July, according to the sector’s leading data provider.Across all deposit sizes, the typical five-year fixed residential mortgage rate on […]

Britons are raiding savings or cutting pension contributions, KPMG study findsMortgage holders are making big changes to their finances – from cutting pension contributions to downsizing – to cope with dramatically higher monthly payments, a new survey shows.Faced with either the immediate reality of higher mortgage costs or the prospect of a sharp rise […]

Lender says homes needing renovation are most in demand as people seek cheaper propertiesThe number of first-time buyers in the UK has fallen by more than a fifth, while homes in need of renovation are most in demand as buyers look for cheaper properties, in the latest evidence that people are struggling with higher […]

Bukit Panjang Sees First Million-dollar HDB Resale Flat, MP Desmond Lee Comments on New HDB Flat Classifications, and More19 to 25 September 2023 A 1,367 sq ft HDB executive resale flat in Bukit Panjang changed hands for $1.02 million in September 2023, making it the first HDB resale flat within the estate to breach […]

Mounting optimism that home-loan costs have peaked after Bank of England keeps interest rates on holdUK lenders are expected to launch another round of mortgage rate cuts next week amid optimism home-loan costs have peaked after the Bank of England’s decision to keep interest rates on hold.So far Nationwide is the only big lender […]

Bank of England halts run of base rate rises but borrowers still have much to ponderThis week’s decision by the Bank of England to hold the base rate at 5.25% after 14 back-to-back rises has left borrowers sighing with relief. It was a close-run thing, with almost half of the monetary policy committee voting […]

Rolling coverage of the latest economic and financial newsUK house sellers are cutting their asking prices at the fastest rate in more than a decade, after high interest rates dampened demand for property this summer.The proportion of homes on the market which have had at least one price reduction is at its highest level […]

More than 36% of properties have had asking price cut at least once — the highest figure since 2011UK house sellers are cutting their asking prices at the fastest rate in more than a decade, after high interest rates dampened demand for property this summer.The proportion of homes on the market which have had […]

Brokers say borrower confidence likely to lift after the first below 5% deal surfaces since June with more offers likely soonA fixed-rate mortgage priced at below 5% has gone on sale for the first time since June as leading lenders announced a fresh wave of home loan reductions.Brokers said a mortgage rate war “is […]

Rent cap limited to 3%, but landlords can go higher when drawing up new tenancy agreementA loophole in Scotland’s temporary rent controls has seen private landlords raise rents for new tenancies more than anywhere else in the UK, data reveals.In an effort to tackle the housing crisis, the Scottish government this spring introduced a […]

We’d like to hear from homeowners who have fallen behind with their mortgage repayments in recent monthsMortgage arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures, as rising interest rates and unemployment over recent months have put pressure on household […]

Jump in borrowers unable to make payments with landlords particularly hit and ‘worse to come’ Analysis: will the Bank listen to business and halt rate rises?Mortgage arrears jumped by 13% in the second quarter of the year to the highest level since 2016, according to Bank of England figures that underscore the stress in […]

Halifax says prices fell by 4.6% as high interest rates dents homebuyer demandBusiness live – news updates UK house prices suffered their sharpest annual drop in 14 years, as the seasonal summer slump and high mortgage costs dragged on sales.Data released by Halifax, Britain’s biggest mortgage lender, said on Thursday that prices fell by […]

UK house prices are falling at fastest pace since 2009 on annual basis, reports HalifaxBank of England governor expects ‘quite marked’ fall in UK inflationHouse prices have fallen all UK nations and the nine English regions over the last year, Halifax’s house price index shows.But the North of the country has proverd more resilient […]

Politicians’ promises to rid Britain of ‘dirty money’ in the aftermath of Russia’s invasion of Ukraine haven’t come to fruitionIn the aftermath of the Russian invasion of Ukraine, the government promised to clean up dirty money flowing through London. As part of this, new legislation passed last year was supposed to make it harder […]

The chancellor says the economy is resilient but forward-looking indictors suggest otherwiseManufacturing is struggling and house prices are sliding. There is precious little money in the kitty for pre-election tax cuts. Inflation is proving hard to shift and strikes by hospital doctors and railway workers are set to continue. The Bank of England is […]

Cost doubles in some poor urban districts, driven in part by mortgage rate rise, UK-wide study showsPeople living in the most deprived areas of Britain have seen their rents increase by 52% over the past four years – while for tenants in the wealthiest regions, rents have risen by only 29%, new figures show.“It […]

Survey released as HSBC becomes latest lender to increase maximum home loan term to 40 yearsA third of those with a mortgage do not think they will pay it off by the time they are 65, according to data this week. It coincided with HSBC becoming the latest big lender to increase its maximum […]

August 5.3% drop comes as sales completions down by about 40% in first half of year compared with 2021Business live – latest updatesUK house prices fell 5.3% in August compared with the same month last year, the fastest annual drop in 14 years, according to Nationwide Building Society.The lender said the fall, which was […]

Live, rolling coverage of business, economics and financial markets as home prices drop by 5.3% from peak last yearGood morning, and welcome to our live coverage of business, economics, and financial markets.UK house prices fell by 5.3% from their peak in August 2022 to this year, the fastest decline since 2009 when the financial […]

Plant Heritage is asking volunteers to grow rare pollinator-friendly plants in their homes or gardensKeep rare plants in your living room or garden, a horticultural charity has urged people in Britain, because creating a “national collection” can save pollinator-friendly plants from becoming extinct.Plant Heritage, which works to keep rare garden flowers growing even when […]

July is traditionally busy month for home buying but surge in interest rates has begun to ‘take its toll’The number of mortgage approvals fell to its lowest level in five months in July, amid fresh evidence of the impact of the sharp increase in borrowing costs on the housing market and the wider economy.Bank […]

U.K. home sales are forecast to drop to their lowest since 2012, according to real estate company Zoopla, as mortgage rates remain high. Source : cnbc.com Read more…UK home sales set to hit their lowest since 2012 as mortgage sales plummet