According to new analysis by the National Housing Federation, properties in 20 of London’s 33 boroughs have risen by more than £35,316 in just one year, meaning that thousands of homes have ‘earned’ more than a nurse earning an average full-time salary.
As the chronic shortage of affordable homes in London continues to push prices way out of reach of average earners, the National Housing Federation is urging the government to come up with a long-term plan to end London’s housing crisis within a generation. Continue reading
More than eight out of 10 (84%) of the UK’s smallest businesses now use their home as a place of work, according to new research from Lloyds Bank Insurance.
The latest Big Issues for Small Businesses report from the insurer found that 53% of all microbusinesses were started from home and half of the top 10 working locations identified are within the home – including the living room, dining room and kitchen. Continue reading
Halifax’s housing economist, Martin Ellis, provides his thoughts on the housing market for the year ahead:
“The fortunes of the housing market are closely tied to developments in the wider economy. The strengthening in the UK economy has contributed to higher housing demand over the past 18-24 months. Continue reading
New CML data on the characteristics of lending in Greater London in the third quarter of 2014 show the market grew in both house purchase and remortgage activity compared to the previous quarter.
First-time buyer loans totalled 13,300 in the third quarter in London – 8% up on the previous quarter, and 6% up on Q3 2013. First-time buyers in the period borrowed £3.3 billion – up 11% on the previous quarter and 16% on Q3 2013.
There were 10,600 home-mover loans in the third quarter, up 16% on the previous quarter but 1% down on Q3 2013. Total value of these loans was £3.7 billion, up 18% on the second quarter and 10% on the third quarter 2013.
Remortgage lending in the quarter showed growth in London compared to the previous quarter but down in volume slightly compared to the third quarter last year.
Paul Smee, CML director general, commented:
“London lending is currently driven by both home-mover and first-time buyer growth so borrowers can still find homes in London at their affordability level. Despite the growth of lending to its highest level for seven years, these figures have remained pretty consistent for the past twelve months which suggests a steady market.”
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Scotland is seeing stronger annual rent growth than England and Wales, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
As of October 2014, average residential rents across Scotland are now 2.2% (or £12) higher than twelve months ago, while across England and Wales monthly rents increased just 1.5% on average in the past year. Scottish rents are currently rising faster on an annual basis than across seven other UK regions. Continue reading
The average price of a UK property is up 1.2% in October after a dip in September with annual growth strong at 6.8% according to a new report from estate agent haart.
The capital saw annual house price growth of 18% in October with prices up slightly on month (0.3%). Continue reading
The Council of Mortgage Lenders estimates that gross mortgage lending reached £19 billion in October.
This is 5% higher than September (£18 billion), and 8% higher than October last year (£17.5 billion). This is the highest lending total for an October since 2007 (£33 billion). Continue reading
Homeowners with mortgages pay £316 more on average per month compared to those renting equivalent properties, according to property website Zoopla.
The average monthly rental across the UK currently stands at £865 per month versus an average monthly mortgage repayment of £1,181. Continue reading
Latest figures released by ESPC reveal that across Edinburgh, the Lothians and Fife, housing market activity has reached its highest level since 2007.
Between August and October the leading property marketing company in East Central Scotland observed a 13% rise in the number of homes sold. Seller activity also improved with the number of homes coming onto the market increasing by just over 10% annually. Continue reading
The Government has launched a new service which enables landlords to start the process of evicting tenants using the Section 21 accelerated possession procedure by filling out an online form.
This was an idea which was first put forward by leading tenant eviction firm Landlord Action, as part of its role on a Government Think Tank to help speed up evictions. It is the first step towards making the service completely digital in the future. Continue reading