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'Buoyant' housebuilding at 6-year high

Housebuilding in the UK is at its highest level for six years as the government seeks to deal with the imbalance in housing supply and demand. Nearly 123,000 new homes were built in 2013, which represents a 23 per cent increase on the previous year, according to figures from the Department for Communities and Local Government. Despite the poor weather faced by builders, the ...

20th Feb 2014

Mortgage lending up 33% in January

Gross mortgage lending increased by 33 per cent year-on-year in January 2014. Some £15.5 billion was advanced for loans as buyers returned to the market in their droves, according to figures from the Council of Mortgage Lenders (CML).  Bob Pannell, CML chief economist, was particularly pleased with the average of 70,000 monthly approvals in the final three months ...

20th Feb 2014

Property news archive

27% increase in Scottish house sales

There was a 27 per cent year-on-year increase in the number of properties sold in Scotland in December 2013.  Sales topped 9,000 during the month, which represents the best monthly figures since July 2008, according to LSL Property Service's House Price Index. Average house prices in Scotland reached nearly £147,000 and it is a further sign of the property ...

20th Feb 2014

London-only sales for Battersea Power Station development

New homes being built at Battersea Power Station will be offered exclusively to London residents.  Phase two of the project will begin on May 1st and and prospective buyers will be asked to register their interest in one of the 254 apartments available.  The decision to launch in London only is seen as an attempt to prevent overseas investors from snapping up even ...

20th Feb 2014

3 bed house tops first-time buyer wishlist

First-time buyers are setting their sights high as they target a three bedroom house. Nearly a third of house hunters feel they need at least three bedrooms in their first house, Clydesdale and Yorkshire Banks research has found. "It is still challenging to take the first step onto the property ladder and many are now aiming for a larger property as their first ...

19th Feb 2014

Britons spend £42,000 on renting before buying first home

People in the UK will spend nearly £42,000 on rent before finally buying a house, it has been revealed.  The typical Briton rents for seven years before getting onto the property ladder, according to new research from Santander Mortgages.  However, 15 per cent of homeowners will find themselves renting for 11 years or more as they struggle to get a deposit ...

19th Feb 2014

Average UK house price reaches £250,000

The average price of a house in the UK stood at £250,000 in December 2013, official figures show.  It represents a 5.5 per cent year-on-year increase and this has been fuelled by rapid growth in London, where prices are increasing at more than double the UK average, according to the Office for National Statistics. Excluding London and the South East, UK house ...

19th Feb 2014

Home sales agreed at fastest pace since 2007

The time taken between advertising a house and agreeing a price has fallen to its lowest level since 2007. Buyers took an average of eight and a half weeks to strike a deal after putting a house on the market in the last three months of 2013, according to Hamptons International.  This is nearly two weeks less than during the same period in 2012 and it highlights the ...

18th Feb 2014

How likely is an interest rate rise - and how will it affect homeowners?

Homeowners around the country are awaiting news of an interest rate rise, with speculation growing that this will happen sooner, rather than later. But exactly when should we expect it - and what impact will it have on UK property owners? Firstly, the good news. A rise in interest rates is positive when put in context, it means that the economy is growing and that the Bank ...

17th Feb 2014

Bank of England 'powerless' to prevent London property price rises

Soaring property prices in London cannot be controlled by the Bank of England, its governor has stated.  Mark Carney revealed the top end of the market is "driven by cash buyers" and so the central bank does not have a direct influence. "We change underwriting standards - it doesn't matter, there's not a mortgage. We change interest rates - it ...

17th Feb 2014

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