A town best known for its airport, Vauxhall vans, and as the home of Bake Off winner Nadiya Hussain, was the UK’s property hotspot last year, according to the UK’s largest mortgage lender.
Luton saw house prices rise 19.4% in 2016, the Halifax said.
Annual house price inflation ticked up again last month across the UK, the lender said, with prices rising by 6.5% in the year to the end of December. Continue reading
Property prices have climbed to dangerous levels in several advanced economies, raising the risk of massive price falls if markets overheat, according to the Organisation for Economic Co-operation and Development (OECD).
Catherine Mann, the OECD’s chief economist, said the think-tank was monitoring “vulnerabilities in asset markets” closely amid predictions of higher inflation and the prospect of diverging monetary policies next year.
House price growth is a constant in many people’s minds. The idea that they could fall seems unlikely according to homeowners who have enjoyed a long period of profiting from bricks and mortar.
However, things could be about to change. Just as during the credit crunch there was a crisis of confidence in the UK economy that hurt house prices, 2017 could see fears surrounding Brexit negatively impact on them. Continue reading
Getting a foot on the property ladder has always been difficult, but there are some areas of the UK where it easier than others.
The average UK house now costs eight times the average national wage. But new research, carried out by online money-saving agent eMoov, shows that there are some places where you can buy a house for as little as three times the average salary in the area. Continue reading
Who wants to be a property millionaire? As house prices continue to rocket, particularly in the commuter belt, more village residents are winning.
This year, eight villages in Essex, Surrey, Greater Manchester, Hertfordshire and Hampshire, have joined the so-called “Millionaires’ Club”, where average asking prices, recorded by Rightmove, have leapfrogged the £1 million mark.
New research by estate agent eMoov has found property prices have increased by 84% from 2000 to 2015. And it’s forecast what prices would look like if they rose at the same rate over the next 15 years.
Oxford is the toughest town for first time buyers to get a foot on the UK property ladder, taking over from Brighton as the country’s premium property hotspot. Bradford & Hull, on the other hand, proved the most affordable, according to new analysis by job search engine Adzuna.co.uk.
The research shows that nearly three quarters (72%) of homes in Bradford fall within financial reach for first-time buyers on average local incomes. London, High Wycombe, Reading and Brighton are amongst the most unaffordable places to purchase first properties as wages stagnate and property prices soar across Britain. Continue reading
Interest from UK house buyers has dropped for the first time since March 2015, as uncertainty continues to affect the market, according to the latest RICS UK Residential Market Survey.
Following the buy-to-let rush that preceded the 1 April tax rise deadline, and with continued uncertainty caused by the EU Referendum, interest from buyers dropped in April with 22% more chartered surveyors reporting a drop in demand. Continue reading
Is it possible that homes are, at last, about to become more affordable? The Government announced last summer, at the Conservative party conference in Manchester, that, having won the general election, it was going to grasp the housing problem by the windpipe and sort it.
That energised Brandon Lewis, the Duracell-powered housing minister, and the Government came up with a raft of initiatives – including, most surprisingly perhaps, that investing in homes as a financial asset should be discouraged. Generation Own, rather than Generation Rent, was the aim.
Property prices in Britain may be surging due to a horrendous imbalance of supply and demand — but the market is poised to implode.