Category: Buying Property
Unexpected Mortgage Rate Hikes Pressure Homebuyers as Spring Housing Market Heats Up
April brought with it mortgage rate hikes to go along with an uptick in housing market activity, according to OnTheMarket’s latest Property Sentiment Index. The pace at which homes are being sold remains consistent. The mood in April seemed quite consistent, with a small boost in seller optimism paralleled by a minor dip in buyer…
Barratt Merger: Property Companies to Merge Following £2.5B Shareholder-Approved Deal
The merger between Barratt Developments and Redrow has been given the green light after shareholders overwhelmingly supported the £2.5 billion transaction. An impressive 99.93% of Redrow’s shareholders were in favour of uniting with Barratt, and 99.82% of Barratt’s shareholders agreed to the deal. This merger was initially unveiled in February, with Barratt set to acquire…
LendInvest Mortgages Updates Buy-to-Let Mortgage Options
LendInvest Mortgages is now offering more competitive terms for buy-to-let mortgages. They’ve reduced their rates by as much as 0.15%, with mortgage rates now starting from 3.89%. The company has also raised its maximum loan limit, now offering loans of up to £3 million. Additionally, LendInvest is providing up to 80% loan-to-value (LTV) five-year mortgage…
New Housing Development by Pennyfarthing Homes and VIVID in The New Forest
Pennyfarthing Homes has teamed up with VIVID to build 106 budget-friendly homes as part of their Fordingbridge project in Hampshire. The collaborative venture will present a variety of housing styles, including homes for purchase, shared ownership, and affordable rentals. Prospective homeowners can choose from an assortment of one- and two-bedroom flats, two- to four-bedroom houses,…
Essential Contacts for New Homeowners
Buying a new home can feel like a daunting task with a mountain of things to organise, from getting a mortgage to planning the actual move. With so many tasks on your plate, it helps to be well-prepared and organised. Having a list of essential contacts can be a lifesaver, as they offer expert advice…
Home Insurance Costs Spike by 31% within a Year
The cost of home insurance surged by nearly a third (31%) from January to March 2024, according to data from Compare the Market. In the UK, the average home insurance bill climbed from £159 in 2023 to £209 this year, marking a £53 hike. During the first quarter of 2024, this upward trend affected all…
New Heights for The Founding at Canada Water
The first phase at Canada Water, The Founding, introduces 186 impressive new homes. Allies & Morrison architects and Conran and Partners interior designers lead the world-class design team. The residences boast prime waterfront locations with unmatched views of London’s skyline. Part of a larger 53-acre plan, this development will create a net-zero community complete with…
Labour Considers Council Tax Reform Aimed at Property Wealth
What does Council Tax Reform under The Labour party, look like? Well, Labour under the leadership of Sir Kier Starmer, has not dismissed the possibility of using satellite technology to surveil private properties, similar to recent reports from Wales, in order to raise taxes. Under new proposals from the Welsh government, those living in neighbourhoods…
Buying vs Renting: Buying in London Almost 50% More Expensive Than Renting
Buying vs Renting: London’s mortgage expenses have soared to 42% above the average rental rates in the city, considerably complicating the home-buying process. In London’s wealthier central areas, homebuyers are finding themselves paying about 66% or £1,232 more each month on mortgages compared to renting. However, in Greenwich, a favourite spot for investors and those…
Persimmon Sales Agent Suspended after ‘flipping the bird’ to Homebuyer
A Persimmon sales agent has been put on leave after he was caught on camera giving the middle finger to a potential homebuyer. The incident, highlighted by MailOnline, occurred during an argument in Derby at a property the agent was selling. The offensive gesture happened at Buttercup Leys estate, a development with homes priced up…
Rightmove Study Shows Victorian Houses Are UK’s Favourite Period Properties
A new study by Rightmove has found that Victorian houses top the list of most-searched period properties in the UK. The use of Rightmove’s Keyword Sort tool has revealed that people have a keen interest in properties with historic and distinctive features, as ‘character’ and ‘period’ are among the most common keywords used in property…
Overcoming the UK Housing Crisis Through Retrofitting houses
The UK is facing a severe housing crisis – a quarter of homes don’t meet necessary standards, with 12% being particularly hazardous. Evidently, our current approach is failing. To try and alleviate the rental housing problem within seven years, the UK needs to invest a staggering £250 billion into housing. This challenge requires more than…
Revolutionary AI CRM System for Estate Agents Launches
An innovative AI-powered CRM (Customer Relationship Management) system, designed exclusively for UK estate and letting agents and developed over four years by the team at Yorkshire’s Preston Baker estate agents, is now officially available. The CRM system, known as Greenhouse OS, which includes high-level Artificial Intelligence (AI), is now being used for the first time…
Overview of the UK Property Market
The UK property market activity for the week ending on the 5th of May 2024, which is Week 18, remained robust, mirroring the previous week’s high performance in both gross and net residential property sales, the likes of which haven’t been seen since the middle of 2022. Verona Frankish of Yopa highlights the key trends…
First-Time Buyers Opt for New Builds Over Fixer-Uppers
First-time homebuyers are increasingly turning away from fixer-upper homes in favour of new construction homes with gardens, according to a report from the Scotland-based property portal TSPC. The company has observed a significant trend change with first-time buyers now showing a stronger preference for new build homes instead of properties needing major overhauls. A spokesperson…
Savills UK is Looking for a Developer for the Historic Daffodil Cinema in Cheltenham
The Daffodil Cinema, crafted by the renowned local architect Leonard William Barnard, exhibits Edwardian Free Style architecture with Baroque Revival flourishes. With seating for 750 patrons, the cinema, originally named the Daffodil Picture House, debuted on October 5, 1922. After its tenure as a movie theatre ended in 1963, the building transitioned into a bingo…
Rightmove reports strong start to 2024 as estate agency members rise
Rightmove has shared a promising update, indicating a robust start to the year 2024, with consistent revenue and margin projections for the entire year. As the company prepares for its Annual General Meeting, it’s been reported that from the beginning of January to the end of April 2024, Rightmove has maintained its goals for both…
Reaction from the Property Industry to the Bank of England’s Interest Rate Decision
The Bank of England has once again decided to keep the interest rate at 5.25%, marking the sixth consecutive time this rate has been upheld. Inflation is currently at 3.2%, which is higher than the Bank’s targeted 2%. The Bank recently revealed its predictions for future inflation and the overall state of the UK economy.…
Guernsey Property Market Showing Signs of Recovery After Prolonged Slump
As the season shifts, we’re starting to see the property market in Guernsey recover, marking a busy period for buying and selling houses. However, the recovery will be gradual, with current statistics reflecting ongoing challenges such as the cost of living and higher mortgage rates that predominantly impacted the start of the year. Home Sales…
New Affordable Housing Coming to Theale
A total of 117 affordable homes are set to be constructed at the Lakeside development located in Theale, within the county of Berkshire. The affordable housing initiative is a collaborative effort between Abri, a housing provider, and Ridgepoint Homes. These homes are part of a larger project by Ridgepoint Homes that plans to build 281…
Guide for Buyers: Tips on House Price Negotiation
To be successful in negotiating the price of a home, start with detailed market research to better understand pricing and trends. Collaborate with a Realtor to benefit from their knowledge and to craft strong proposals. Having a pre-approval letter can demonstrate your serious intent and ensure all necessary financial paperwork is in order. Communicate your…
Significant price drops expected in West Midlands, London, and Yorkshire
Three UK regions—the West Midlands, London, and Yorkshire & the Humber—are forecasted to experience notable declines in house prices, according to a report from the property investment platform easyMoney. The data suggests a fall of -7.8% in the West Midlands, -6.8% in London, and -6.3% in Yorkshire & the Humber. Conversely, only two areas in…
New Affordable Homes Available in Barking Riverside
At Barking Riverside, Bellway London has introduced the second phase, known as The Point, at Eastbrooke Village, with 167 homes now on the market. These homes include three-bedroom houses as well as one, two, and three-bedroom apartments. Of the initial offerings, 22 are three-bedroom townhouses, with 19 up for private sale and 3 as affordable…
For Sale: The Courthouse hotel in East Cheshire
The Courthouse, a grade II listed hotel spread over three levels, features nine unique bedrooms, a bar and restaurant that provides private dining, along with two versatile meeting rooms that can double as double bedrooms. As a sought-after wedding location, The Courthouse also includes The Banquet Hall, which can accommodate 300 guests and comes with…
Irish Country Homes Market Persists
Savills reports that even with changes in the economy, the prime country homes market is still strong, with sales near €200 million outside of big cities. Savills studied sales of prime country homes—those over one million euros and outside Dublin, major regional cities, and north Wicklow—using data from the Property Price Register. Highlights from 2023…
Maximum Ground Rent Capped at £250
Today will see an announcement that leaseholders are set to pay a maximum annual ground rent of £250 for a duration of up to 20 years, as part of a revision to the Leasehold and Freehold Reform Bill. Michael Gove, the Housing Secretary, has scaled back the bill’s initial promises due to push back from…
The Housing Market’s Upturn Nearly Sets a New Price Record
The average asking price for a house in Britain has increased by 1.1% since March, reaching £372,324. This typical seasonal rise has brought prices almost to the record high set in May 2023, now just £570 shy of that peak. ‘Top-of-the-ladder’ homes—larger four-bedroom detached houses and properties with at least five bedrooms—are behind the increase,…
Investing in Scottish Coastal Properties Can Yield High Profits
For substantial investment returns, property seekers should consider Scottish seaside regions, as suggested by findings from Pikl Insurance. In Portree, which is part of the Isle of Skye, the average property price is £206,200, with the potential to earn £52,400 per year. This means investors could earn back their investment in under four years. The…
Zoopla Says Spring Home Availability Highest in Five Years
This spring, home seekers have more options than they’ve had in five years, according to research by Zoopla. Currently, the housing market boasts 20% more listings than the same time last year, with twice the number on offer compared to 2022. The most significant increases in housing supply are in Cornwall (+159%), North Kesteven in…
5 Environmentally Friendly Houses to Celebrate Earth Day
Today is Earth Day, a special time dedicated to emphasizing the environmental shifts we need to safeguard our Earth. About 25% of greenhouse gas emissions are believed to stem from residential buildings. However, homes with better energy efficiency produce fewer carbon emissions, leading to reduced operational costs and lower energy bills. An ‘A’ grade on…
Top UK Cities for Property Sales: Glasgow, Edinburgh, and Leeds Lead the Way
A study by Lomond using government data shows Glasgow, Edinburgh, and Leeds as the most active property markets in the UK. When compared over the past six months, these markets have outperformed others based on the average number of homes sold each month. In Glasgow, there have been about 928 home sales per month, while…
Inflation Rate Drops to 3.2%
The Consumer Price Index (CPI) inflation rate has declined to 3.2% in March, down from February’s 3.4%, a change that economists find underwhelming. Forecasts by Reuters and the Bank of England had anticipated a decrease in the inflation rate to 3.1%, suggesting that the Bank might need more time before reducing interest rates than was…