Posts with tag: election

Election anxiety hobbles the market

Published On: December 13, 2019 at 11:44 am

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Categories: Landlord News

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Political turmoil in the UK has lead to caution on both the part of buyers and vendors this month, according to Home’s December Asking Price Index. 

This cautious attitude is not just affecting buyers and sellers; renters are facing a shortage of choice due to falling stock. The supply of rental property is down 13% compared to last year. It’s even worse in London, where the rental market has been hit by a 22% year-on-year fall.

The low level of choice has driven rents up at an extreme rate, with some boroughs showing a 10% increase or more.

In the worst affected area, Wandsworth, renters need to scrape together a whopping 20% more per month than in the same month last year. 

It has also been shown in the Index that these rent hikes aren’t limited to London. The country as a whole is showing rent increases. The South East is up 6.2% as a whole and is expected to continue to rise in 2020. Meanwhile, the North West and Yorkshire have increased by 9.6% and 11% respectively.

The turmoil does not seem to have spread to house prices. They are holding steady with just a 0.3% drop since December last year. However, low interest rates may be to thank for the current relative stability in home prices, as very few vendors are forced to sell.

What’s more, with talk of a possible rate cut by the Bank of England early next year, given any potential election outcome, vendors (and buyers) are content to play wait and see.

Whatever the case, by the time you’re reading this article, we will either have a new PM or the current one will be in a firmer position for the next five years. Soon, movement will return to the property market. 

UK House Price Growth Remains Stagnant

Published On: May 15, 2017 at 2:57 pm

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Categories: Property News

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New research has revealed that property prices in England and Wales rose by just 0.1% during April.

In addition, data from the report by YourMove shows that prices have increased by only 0.5% in the last three months. Annually however, price growth remained fairly steady- rising to 3.5%.

Transaction levels of 63,500, down 7% on March, remain constant with those levels reached in 2015.

Growth

The West Midlands underlined its position as the fastest growing region in the UK, with price rises of 0.5% month-on-month and 6.2% year-on-year.

In London, growth remains subdued, with a month-on-month decrease in prices of 0.1%. Annually, the capital was the slowest region for price growth outside the North East, with a rise of just 1.4%.

UK House Price Growth Remains Stagnant

UK House Price Growth Remains Stagnant

Oliver Blake, Managing Director of Your Move and Reeds Rains estate agents observed: ‘Real transformation is needed to address the housing supply shortage. Recent reports from House of Commons committees have made a strong case for the government to do more.’[1]

‘As manifestos are published ahead of the upcoming election, we hope there is commitment to bridging the gap between supply and demand which will stimulate more market activity, stability and enable more people to secure their dream home,’ he added.[1]

[1] http://www.propertyreporter.co.uk/property/house-prices-remain-muted-for-second-consecutive-month.html