Category Archives: Economy

House prices continue to increase more quickly than average earnings

House prices in the latest three months (February-April) were 2.2% higher than in the preceding three months (November 2014-January 2015) according to the latest Halifax House Price Index April 2015.

The quarterly rate of change decreased for the first time this year following three consecutive rises and compares with 2.6% last month. Continue reading

Majority of public would back next government borrowing to build more affordable homes

More than half of the English public would support the next government borrowing money to build more affordable homes, according to a recent poll.

The survey, carried out by Ipsos MORI for the Chartered Institute of Housing (CIH), found that 54% of adults in England would support government borrowing to fund more affordable homes for people to buy or rent. Continue reading

Without inheritance children will never own a home?

Research from Shelter has shown that 49% of parents in Britain whose children haven’t bought a home, think the only way they will be able to do so is with inheritance from them.

Many parents feel high house prices and a lack of affordable homes are leaving their children priced out. And the latest government figures suggest they are right to be concerned, with homeownership levels having collapsed among young adults in the last decade. Continue reading

Budget 2015: A roundup from industry commentators

The introduction of help to buy ISAs was the major housing news in George Osborne’s final Budget announcement before the election. CIH interim chief executive Gavin Smart’s gives his initial take on the initiative.

“We are in the grip of a severe housing crisis. For decades we have failed to build enough new homes to keep up with our growing population, and the gap between the haves and have nots is getting bigger all the time. For many people, affording a decent, suitable home either to rent or buy is a distant dream. Continue reading

2014 repossessions down 26%, says CML

The number of repossessions fell to 21,000 in 2014 – 26% fewer than the 28,900 in 2013, and the lowest number since 2006, according to latest data from the Council of Mortgage Lenders. At 0.19%, the repossession rate was also lower in 2014 than at any time since 2006.

Out of the 21,000 total number of repossessions, 16,100 were on owner-occupied properties, and 4,900 were on buy-to-let properties. Continue reading

Resilient economy drives firm real estate outlook

Tenant demand for commercial property rose, across all sectors, for the seventh consecutive quarter according to the latest RICS UK Commercial Market Survey, with 40% more surveyors also reporting greater investment interest.

In the occupier market, expectations remain generally buoyant. Across the whole of the UK, a third (33%) more respondents expect commercial rents to increase. Continue reading

Gross lending remains steady in December

The Council of Mortgage Lenders estimates that gross mortgage lending reached £16.5 billion in December. This remained unchanged month-on-month compared to November but down 1% compared to December 2013.

This means the gross lending estimate for the fourth quarter of 2014 is £51.6 billion, down 8% on quarter three but up 1% on the fourth quarter of 2013. Overall, for 2014 the gross lending estimate is £205.6 billion, up 17% on 2013’s £176 billion gross lending figure. Continue reading