Whether or not you’re a home-owner, potential purchaser, landlord, or tenant, it pays to remain abreast of what’s main the UK property information.
There’s not often a boring second, so let’s take a quick peek behind a number of the newest headlines.
Home Value Index – October 2023
On the penultimate day of the month, the web listings web site Zoopla revealed its Home Value Index for October. The principal takeaways from the newest replace of statistics on the housing market are:
- there’s a substantial reversal out there within the area of only one 12 months – a 12 months in the past, costs have been rising at an annual charge of 9.6% however now they’re falling on the charge 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 present, home costs are falling in 4 of the UK’s principal housing markets – solely in Scotland and Northern Eire are common costs bucking the pattern and displaying a optimistic charge of annual improve; and
- the amount of transactions is forecast to achieve greater than 1 million within the coming 12 months – and this milestone may very well be surpassed if mortgage charges pattern nearer to their earlier 4%.
Over three-quarters of Brits really feel extra aware about house security in Autumn
A current survey carried out by Landlord Information reveals that greater than three-quarters of British households change into extra aware than ever of security within the house as soon as the nights start to attract in.
Varied issues emerged. Chief amongst these have been:
- a want 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 consumers strain sellers to simply accept much less cash
“Gazundering” is the method by which home consumers apply strain on sellers to simply accept a lower cost for his or her property – and it’s on the rise, in accordance with a narrative within the Each day Mail on the 20th of October.
Proof for a big rise within the follow comes from the newspaper’s revelation that there was a 97% improve in web searches for the time period gazundering because the starting of this 12 months.
When there are fewer consumers out there, the initiative passes to them in having the ability to exert strain on sellers to promote at a lower cost. Usually, consumers will wait till a comparatively superior stage of the proposed transaction when they may supply a diminished value 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.
Because of 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 a substitute, 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 means, tenants are additionally more likely 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 big decline within the quantity of mortgage purposes at present permitted. In September, simply 43,328 mortgage loans have been permitted – effectively 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 recent lending; and a discount in remortgages – to values final seen as way back as January 1999.
