Whether or not you’re a house owner, potential purchaser, landlord, or tenant, it pays to remain abreast of what’s main the UK property information.
There’s hardly ever a uninteresting second, so let’s take a short peek behind a few of the newest headlines.
Home Worth Index – October 2023
On the penultimate day of the month, the web listings web site Zoopla revealed its Home Worth Index for October. The principal takeaways from the most recent replace of statistics on the housing market are:
- there’s a substantial reversal available in the market within the area of only one 12 months – a 12 months in the past, costs had been rising at an annual price of 9.6% however now they’re falling on the price of 1.1% a 12 months;
- protecting regulation of mortgage charges has helped to guard the housing market whereas home spending energy stays poor;
- whereas home costs proceed to fall by an estimated 2% within the 12 months to come back, that discount plus a rise in common earnings ought to enhance affordability;
- at the moment, home costs are falling in 4 of the UK’s principal housing markets – solely in Scotland and Northern Eire are common costs bucking the development and displaying a constructive price of annual enhance; and
- the amount of transactions is forecast to succeed in greater than 1 million within the coming 12 months – and this milestone may very well be surpassed if mortgage charges development nearer to their earlier 4%.
Over three-quarters of Brits really feel extra acutely aware about house security in Autumn
A current survey performed by Landlord Information exhibits that greater than three-quarters of British households change into extra acutely aware than ever of security within the house as soon as the nights start to attract in.
Numerous considerations emerged. Chief amongst these had been:
- a need for higher lighting outdoors the house – talked about by greater than 62% of these surveyed;
- the set up of a burglar alarm or safety system – greater than 40%;
- improved locks on home windows and doorways – 30% plus; and
- participation in a neighbourhood watch scheme – greater than 23%.
Gazundering fears on the rise as patrons strain sellers to simply accept much less cash
“Gazundering” is the method by which home patrons apply strain on sellers to simply accept a lower cost for his or her property – and it’s on the rise, in keeping with a narrative within the Every day Mail on the 20th of October.
Proof for a major rise within the observe comes from the newspaper’s revelation that there was a 97% enhance in web searches for the time period gazundering for the reason that starting of this 12 months.
When there are fewer patrons available in the market, the initiative passes to them in with the ability to exert strain on sellers to promote at a lower cost. Sometimes, patrons will wait till a comparatively superior stage of the proposed transaction when they are going to supply a lowered worth merely to conclude the sale.
Landlords and Renters to avoid wasting on council tax payments
The Nationwide Residential Landlords Affiliation (NRLA) in a press launch on the 27th of October claimed credit score for a change within the guidelines on the way in which Council Tax is assessed.
Due to strain from the NRLA, it claims, the federal government has agreed that separate, particular person rooms in shared homes will not obtain their very own band for Council Tax functions. As an alternative, the tax will apply to the premises as a complete and landlords can as soon as once more embrace the suitable share of Council Tax in particular person rents.
On this method, tenants are additionally prone to profit, says the NRLA – to the tune of as much as £1,000 a month.
Weakening UK housing market: Mortgage approvals fall to lowest in eight months
Proof of the weakening property market within the UK was illustrated by a narrative in Euronews on the 30th of October.
It got here within the form of figures displaying a major decline within the quantity of mortgage functions at the moment accredited. In September, simply 43,328 mortgage loans had been accredited – nicely in need of the 45,000 anticipated inside the business and the bottom quantity since January.
Additional proof of a weaker market was additionally proven by two additional indicators: the truth that mortgage repayments in September surpassed the worth of latest lending; and a discount in remortgages – to values final seen as way back as January 1999.