Lenders in the UK feel there is no cohesive housing policy and not enough backing for private house building, social housing and shared ownership, a new survey has found. Constant ministerial reshuffles are negatively impacting on housing policy and brokers and lenders would like to see more consistency as the current situation is adversely affecting the mortgage and property markets, according to the latest member survey from the Intermediary Mortgage Lenders Association (IMLA).
Yesterday’s Trump win in the US presidential election could provide a welcome boost to the prime central London property market, according to recent research. The latest study by online estate agent eMoov.co.uk found that demand in the prime central London property market has risen by 11% since August, now standing at an average of 10%. Trump’s surprising victory could further this apparent resurgence in the prime central London property market, as Americans may begin to look across the pond at potential investment opportunities.
Confidence in the UK housing market has fallen to its lowest point in three years as many think Brexit will affect residential property prices, new research has found. It means that house price optimism is now at its lowest since June 2013 although consumers believe the referendum result will have a minimal impact on buying and selling, according to the latest Halifax Housing Market Confidence Tracker.
The UK government has confirmed a new £18 million fund to speed up house building on large sites in England and that it says will provide thousands of new homes where people want to live. From today councils can bid for a share of the ‘capacity fund’ to tackle planning issues that can cause delay and prevent builders from getting on site and starting work quickly. Housing Minister Gavin Barwell said the money will help accelerate delivery of up to 800,000 homes and infrastructure across large sites in England and is part of a wider package of measures to increase the number of much needed homes in local areas.
After the Brexit vote, the UK is in a volatile state indicating lower levels of investment and underlying uncertainty. So how uncertain is the future actually? And what will house prices be like five years from now? The housing market definitely has to adjust to a new era, giving Savills an option to have a second look into the development of house prices and share their new prognosis with us.
Average house prices in the UK have increased by 7.7% in the year to September 2016, the same as the previous month, and 0.2% month on month, the latest nationwide index shows. This takes the average price of a home to £218,000, some £16,000 higher than in September 2015 but London continues to be the region with the highest average house price at £488,000. Indeed, the index figures from the Office of National Statistics and Land Registry show that London house prices rose 1.4% month on month, the fastest rate of any region and in Croydon house prices have risen from £320,175 to £373,339 year on year, a rise of 16.6%.