22% fall in completions could be the nadir
A further fall in property completions in November 2023 may be the nadir of the property market as forecasters look ahead to 2024 with cautious optimism. November completions were around a quarter down on 2022 and marginally lower than October as the market continues to adjust to the challenges 2023 has presented with high inflation, […]
Higher proportion of new builds classed as “affordable homes”
A decrease in the number of home starts and completions has been blamed on the ongoing impact of the economic downturn. From 1st April to 30th September 2023 Homes England delivered 11,530 new houses starting on site and 11,297 new homes completed down from 14,812 housing starts on site and 12,118 housing completions in 2022. […]
Politics to blame for lowest new build stats in 20 years
Housing supply risks falling to it’s lowest levels since 2014 according to the latest Housing Pipeline Report from the Home Builders Federation, with fewer than 200,000 new build properties forecast to complete in 2024. The report highlights falls in metric around the number of new build sites and the number of units granted planning permission […]
Remortgage activity falls for consecutive month
Remortgage activity has fallen for a consecutive month in the run up to Christmas but there are positive signs for an uplift in Quarter 1 of 2024, according to the latest LMS Monthly Remortgage Snapshot. In a sign that borrowers are keen to fix their payments and take advantage of falling mortgage rates, 36% of […]
“Partial recovery” expected for 2024 property market
A “partial recovery in market confidence and transaction volumes is expected in 2024 as interest rates ease and affordability improves” according to the Halifax UK Housing Market Review and Outlook for 2024. The review was released last week alongside UK Finance predictions for transaction volumes and mortgage lending in 2023/24 and the latest Royal Institute […]
Upward trend in moves further from home
There is evidence that the growth of remote working and not being tied to living near our places of work ahs had an impact on home movers. The median distance moved by UK home movers was 16 miles, and increase on the 2019 figure which was 9 miles. In 2023 less than one third (32%) […]
Navigating the Future: My Predictions for the Property Market in 2024
As I look ahead to 2024, I foresee transformative shifts in the property market driven by a range of initiatives, aligning with my vision for a more streamlined and transparent home buying and selling experience. In my view, the introduction of NTSELAT Parts B & C Material Information Rules signifies a further move towards best […]
OnTheMarket sale “a pledge to do something truly transformational in the sector”
A challenger property portal to Rightmove and Zoopla has been sold to American data and tech firm CoStar. OnTheMarket was launched in 2013 and from the outset it was owned and funded as a mutual with the ambition to challenge Rightmove and Zoopla and become nationally recognised online property portal for consumers. Talks had been […]
Consultation on future of home energy efficiency modelling launched
A public consultation on updating the assessment criteria for energy efficiency, which in turn generates the information in EPCs, has been launched to gather views on updating the home energy rating system in the UK. The Standard Assessment Procedure (SAP) is the current system for assessing and comparing the energy performance of homes, and was […]
“Game changing” £80m funding for brownfield development
The government has allocated £80m to brownfield regeneration in an effort to meet housebuilding targets and demand. In a move welcomed in some quarters the money will be used to “transform neglected land into beautiful and thriving communities.” The money will be focused on developing council-owned brownfield sites and from today (13th December), councils will […]
2024 will see mortgage terms lengthen further
Will 2024 be the end of the short-term mortgage? That is the question posed by Nathan Reilly, Director of Twenty7tec as he looks ahead to 2024 and the trends the mortgage advisor platform has seen throughout 2023. Their data shows that in 2023, 70.73% of mortgage searches were for terms of 25 years and over; […]
1m home moves predicted in 2024
Mortgage lending is predicted to fall to pre-Covid levels according to UK Finance figures released this week. Lending for property purchases has fallen by 23% in 2023, and is predicted to fall a further 8% in 2024 before a small recovery in 2025. The result is that lending will return to levels last seen in […]
The estate agent’s view: Market resilient in face of economic backdrop
CEO of The Guild of Property Professionals, Iain McKenzie delivers his thoughts what we learnt from the property market in 2023, and what the year ahead might look like for property professionals. Describing the market as “resilient” McKenzie says “The economic winds are changing, bringing optimism to the market. Mortgage rates are normalising; however, buyer […]
“All change please”: End of the line for status quo?
It is fair to say that ‘Home Information Packs (HIPs) 1.0’ wasn’t exactly embraced by the industry and eventually brought the “quasi-lawyers” (estate agents) out onto the streets with their pitchforks! The reticence then was HIPs would slow the market down, add extra cost to selling and alienate casual sellers. From my memory of selling […]
Sentiment stable heading into 2024 as movers waited for calmer conditions
A halt in interest rate rises, lower mortgage interest rates and rising house prices have contributed to an increase in positive sentiment across home buyers. A third of people recently surveyed think house prices will rise over the next 12 months, up from 1 in 5 just 3 months ago according to the latest Property […]
Scrapping leasehold could cost £31bn
Plans for Leasehold reform, first announced in the King’s Speech and the subsequent Leasehold and Freehold Reform Bill, could cost the taxpayer millions of pounds in compensation. Trade body the Residential Freehold Association (RFA) has said that the compensation to investors for plans to retrospectively introduce a cap on grounds rents could cost as much […]
Building a fully digital property market: what is it and why is it happening now?
There’s no two ways about it, the property market is fragmented. In a bygone age property transactions were much simpler and efficient. Physical cash, deeds, and contracts were exchanged in person as property changed hands in a fraction of the time it does today. However simpler it may have been, this was never a scalable […]
Research reveals the regions at higher risk of property fraud
New research from client compliance platform Thirdfort reveals that the East Midlands, North East, North West and Scotland are the regions of the United Kingdom that may be at higher risk of property fraud. Fraud and fake identity documents are on the rise. Criminals will stop at nothing to bypass controls and use many methods to engage […]
Pandemic drives property market value up 27%
The property market in England is estimated to have risen in value by as much as 27% following the pandemic. It has been suggested that the total value of property now sits at £7.7tn, up from £6.1tn in 2019. The research has been undertaken by estate agency Yopa who analysed the value of the property […]
Senior hires at Steele Raymond
The appointment of a trio of senior hires has been hailed as a “milestone” for regional law firm Steele Raymond. The appointments of Tim Higham and Jane Lynch in their residential property and private client teams respectively has been complemented by Rachel Hadfield as Marketing Manager. Tim Higham joins the partnership from Trethowans and […]
