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 not often a boring second, so let’s take a short peek behind a few 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 house of only one 12 months – a 12 months in the past, costs had been rising at an annual fee of 9.6% however now they’re falling on the fee 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 exhibiting a constructive fee of annual enhance; and
- the quantity of transactions is forecast to achieve greater than 1 million within the coming 12 months – and this milestone might be surpassed if mortgage charges development nearer to their earlier 4%.
Over three-quarters of Brits really feel extra acutely aware about residence security in Autumn
A latest survey carried out by Landlord Information exhibits that greater than three-quarters of British households turn out to be extra acutely aware than ever of security within the residence as soon as the nights start to attract in.
Varied issues emerged. Chief amongst these had been:
- a need for higher lighting exterior 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 stress sellers to just accept much less cash
“Gazundering” is the method by which home consumers apply stress on sellers to just accept a lower cost for his or her property – and it’s on the rise, in response to a narrative within the Each day Mail on the 20th of October.
Proof for a big 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 consumers out there, the initiative passes to them in having the ability to exert stress on sellers to promote at a lower cost. Sometimes, consumers will wait till a comparatively superior stage of the proposed transaction when they may provide a lowered value merely to conclude the sale.
Landlords and Renters to save lots of 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 stress 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 embody the suitable share of Council Tax in particular person rents.
On this manner, 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 exhibiting a big decline within the quantity of mortgage purposes at the moment accepted. In September, simply 43,328 mortgage loans had been accepted – nicely wanting the 45,000 anticipated throughout the trade 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.