Average UK property almost £30,000 more expensive than a year ago as house prices accelerate March 2, 2022 The average UK house price has topped £260,000 for first time, after surging by nearly £30,000 over the past 12 months. The typical property value reached £260,230 in February, Nationwide Building Society said. In cash terms, the average house price in February was £29,162 higher than a year earlier, the biggest annual cash increase the [...]
UK home to fourth largest rental market trailing US, Germany and Japan March 1, 2022 When it comes to the total volume of privately rented properties, the UK ranks fourth in the global rankings, with just the United States, Germany and Japan home to more rental homes, according to new research shared with Morning Wire this morning. Across the UK there are estimated to be over 29.5m homes within the [...]
Saturday Sitdown: Mortgage guru Colin Bell on why Brits are ready for 50 year fixed rates February 26, 2022 Following the Bank of England’s recent interest rate rise and all the implications it has for the property and mortgage market, one firm is offering loans at a 30 year fixed rate, with plans to offer 40 and 50 year fixes in the near future. Sold as a massive lifestyle enabler and gives people much [...]
UK home sellers overprice their properties by as much as 21 per cent in wake of stamp duty holiday February 24, 2022 Rightmove revealed yesterday that asking prices saw their biggest monthly increase in over 20 years. Despite a property market boom, the gap between the asking price expectations of the nation’s sellers and what buyers are willing to pay is as big as 21 per cent in some areas of the market, according to data shared [...]
London house hunters face fierce bidding wars as property market set to become hyper-competitive February 19, 2022 House hunters wanting to buy a property in London this year are likely to face more competitive market conditions than in 2021. Since January, 51 per cent more buyers have entered the market and 35 per cent more property viewings took place compared to January last year, according to data from estate agency Chestertons. This [...]
9m bedrooms have vanished as nearly half of all homeowners change property to suit post-pandemic needs February 17, 2022 Close to nine million bedrooms have been “lost” as people have adapted their homes during the coronavirus pandemic, according to a property website. Four in 10 (41%) homeowners have changed their property to better suit their needs, Zoopla found. Among those making changes, more than half (53%) have entirely repurposed at least one bedroom while [...]
Londoners spend up to 72 per cent of their entire income on simply getting by in the capital February 2, 2022 London renters are forking out up to 72 per cent of their monthly household income simply to get by in the capital’s rental market. Nationwide, that figure is even higher, up to 77 per cent. The average UK rental household pays £808 per month in rent, accounting for 26 per cent of total monthly household [...]
Strongest year-start since 2005: Brits fork out average of £255,556 on houses as prices soar February 1, 2022 Buyers are paying more than ever before for their homes with the average UK house costing 11.2 per cent more than it did last year.
Even at seven times their income, single homebuyers are priced out of the market by £24,000 January 31, 2022 Despite many lenders relaxing their loan to income criteria, the average UK homebuyer is still priced out of the market unless purchasing with a partner. The current average loan to value, or the multiple of salary that a lender will loan to a buyer, has increased from 3.87 to 4.12 in the last ten years [...]
Nine out of ten Londoners can no longer afford the rent as demand for rooms goes through the roof January 31, 2022 Insurance giant Admiral has warned that nearly nine out of ten Londoners can no longer afford the average cost of rent in the capital. The demand for rooms to rent is much higher than the available supply, thereby leading to such increases that most Londoners cannot keep up with, the company cited as the main [...]