UK house prices rise in October, ending run of six consecutive monthly falls
UK house prices rose in October, up +1.1% on a monthly basis, marking the first rise in the cost of a typical UK home since March says Halifax’s latest House Price Index. Kim Kinnaird, Director, Halifax Mortgages, says: “Prospective sellers appear to be taking a cautious attitude, leading to a low supply of homes for […]
Section 21 rental reform postponed indefinitely
Housing secretary Michael Gove has kicked plans to abolish Section 21 as part of The Renters (Reform) Bill into the long grass, parliament was told. The proposed bill which returned to the House of Commons in October is set to make the private rental sector fairer for both landlords and tenants. However, the government has […]
Scope for a rebound in housing activity as affordability improves
The housing market is adjusting to higher borrowing costs through lower sales rather than a big decline in house prices say Zoopla in its latest House Price Index. Mortgage rates of 4-5% remain low by historic standards albeit higher than in recent years. Assuming mortgage rates remain at this level, Zoopla predicts UK house price […]
Good news for landlords as government U-turns on EPC requirement for rental properties
Landlords will not now be required to upgrade their properties to an EPC rating of at least a C for new tenancies from 2025, the Prime Minister Rishi Sunak has announced. This means that landlords won’t be expected to pay up to £10,00 in energy efficient upgrades to ensure an A-C rating and there will […]
Buyer demand ticks higher as consumer confidence improves says Zoopla
A rise in buyer demand after the summer lull has been recorded by Zoopla’s latest House Price Index with enquiries to estate agents up 12% since the August Bank Holiday weekend. This is in line with 2019, although 33% lower than a year ago. The uptick in enquiries is partly seasonal, as people return to […]
House prices soften according to Nationwide
Latest data from Nationwide shows reveals house prices fell 0.8% month on month in August 2023 and are now 5.3% below August 2022 peak. This represents an annual fall of circa £14,600 on a typical home. Robert Gardner, Nationwide’s Chief Economist, said: “While activity is likely to remain subdued in the near term, healthy rates […]
Landlords braced for autumn tenant demand
Following on from an exceptionally busy few months in lettings we are now looking at the autumn market. We’re seeing no let-up in demand with tenants registering for all types of property. Some tenants are remaining in the rental sector having postponed a purchase due to higher mortgage costs, others are taking up contract employment […]
Demand for rented homes high
Zoopla’s latest report shows that rents for new lets are up 10.5% over the year and rental inflation has been in double digits over the last three years. Low supply is contributing to the rental growth, however, affordability is a key influence. Rents for new lets are expected to increase by 9% in 2023 then […]
Property market potentially set for autumn pickup as bank base rate held
A great start to autumn has been predicted as the bank base rate was held at 5.25% signalling an end to rising mortgage interest rates. There are signs of activity starting to pick up, with back-to-school sellers helping the number of new properties coming to market to jump by 12% in the first week of […]
Rents are rising and we need more property for qualified tenants
Tenant demand has risen firmly over the three months to July says latest findings from Royal Institution of Chartered Surveyors (RICS). This points to the strongest quarterly pick-up in rental demand since the start of 2022. Set against this, landlord instructions declined with this mismatch between rising demand and dwindling supply, prompting a net balance […]
