5FF Feb 23 2024 Rightmove’s “Asking Price” Index Up: https://www.rightmove.co.uk/news/content/uploads/2024/02/Rightmove-HPI-19th-February-Final-.pdf Hunt mulling 99% taxpayer-guaranteed mortgage lending https://www.ft.com/content/ce643bfa-d4a9-4d85-b28c-6cc0fceba62f Lenders Raise Rates https://www.bbc.co.uk/news/business-68374500 Bank of England nothing burger makes big headlines https://www.reuters.com/world/uk/bank-englands-bailey-sees-signs-uk-economy-upturn-2024-02-20/ BestAgent “People’s” open source House Price Index targets overvaluing culprits and beats hackers https://bestagent.property/hpi
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2024 New Rules for UK Home Sellers from National Trading Standards
The National Trading Standards Estate and Letting Agency Team (NTSELAT) are implementing new requirements for material information to be included in property listings. Part A came into place in 2022 and requires information that, regardless of outcome, is always considered material for all properties. Such as council tax banding, tenure, and price/ monthly rent. Parts… Continue reading 2024 New Rules for UK Home Sellers from National Trading Standards
5FF – Fri 27th October 2023
1 UK’s biggest wealth manager blocks clients from withdrawing money from their £1bn property fund. https://www.telegraph.co.uk/money/consumer-affairs/st-james-place-blocks-clients-pulling-money-major-property/ https://archive.ph/Po6I4 2 Almost half of the 1,200 people surveyed incorrectly think Interest Rates correlate more strongly with house prices than anything else https://x.com/moving_charlie/status/1717178983110832254?s=20 https://x.com/moving_charlie/status/1717541641727115671?s=20 3 Lloyds/Halifax predicts house prices will fall until 2025 https://www.thisismoney.co.uk/money/markets/article-12673173/House-prices-fall-2025-says-Lloyds-rates-peaked.html 4 Foxtons reports 23% fall… Continue reading 5FF – Fri 27th October 2023
5 Fact Friday 13 October 2023
RICS September Survey: Demand, sales, instructions and prices all remain in negative territory https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/uk-residential-market-survey/9._WEB_September_2023_RICS_UK_Residential_Market_Survey_tp.pdf Wages Cooling: KPMG Survey shows slowest rise in starting pay in over two years https://www.bloomberg.com/news/articles/2023-10-10/uk-wage-growth-cools-as-job-cuts-mount-and-firms-cap-costs IMF Says Israel-Hamas War will impact global economy, especially oil prices https://news.sky.com/story/israel-hamas-war-is-new-cloud-darkening-horizon-of-global-economy-imf-warns-12983198 Labour pledges to bulldoze planning barriers and build 1,500,000 in the next parliament if… Continue reading 5 Fact Friday 13 October 2023
Wages up, mortgage rates down 🎉 (right?)
5 Fact Friday – 17th May 2024 – 5 Facts hitting UK housing hardest Real Wages rise again, but more slowly https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/averageweeklyearningsingreatbritain/may2024 Unemployment rises, job vacancies fall, again https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/employmentintheuk/may2024 Britain is officially the worlds worst in homelessness Why Britain is the world’s worst on homelessness Agent Regulation Abandoned after 5 years 3 banks cut mortgage… Continue reading Wages up, mortgage rates down 🎉 (right?)
It’s getting harder to sell your home.
5FF 10th May 2024 Brit Retail Consortium Figures show Retail sales fell 4% in April https://brc.org.uk/news/corporate-affairs/dismal-weather-disappointing-sales-1/ Housing Ladder Broken – Building Society Report. https://www.bsa.org.uk/getmedia/e1daa383-54e1-4544-8545-2f4aa835aa74/BSA-First-Time-Buyers-Report-2024-(Interactive-Single-Page)-(1).pdf London Stock Exchange Red Flag Report Failing Businesses https://www.londonstockexchange.com/news-article/BEG/latest-red-flag-alert-report-for-q1-2024/16441805 RICS April Survey: Stock Levels Climb, buying interest levels off https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/uk-residential-market-survey/UK-Residential-Market-Survey_April-2024.pdf Bank of England Base Rate held at 5.25% https://www.bankofengland.co.uk/monetary-policy-summary-and-minutes/2024/may-2024 Left out:… Continue reading It’s getting harder to sell your home.
House prices facing long term decay?
5 Fact Friday 3 May 2024 March Mortgage approvals rise https://www.bankofengland.co.uk/statistics/money-and-credit/2024/march-2024 April Nationwide Index Price Falls -0.4% https://www.nationwidehousepriceindex.co.uk/reports/april-sees-slowing-in-annual-house-price-growth BoE Net Lending continues to contract https://www.bankofengland.co.uk/boeapps/database/fromshowcolumns.asp?Travel=NIxSUx&FromSeries=1&ToSeries=50&DAT=RNG&FD=1&FM=Jan&FY=2014&TD=31&TM=Dec&TY=2024&FNY=&CSVF=TT&html.x=111&html.y=29&C=KN2&Filter=N House Price Decay may be a long term trend as real values have fallen 11% already https://www.newstatesman.com/business/2024/05/housing-market-house-price-crash EPCs often wrong, need overhaul – Which? Probate delays rising
1.1 million in mortgage arrears – 5 Fact Friday 26 April
Rightmove index misleads again. 20% more homes for sale than a year ago. Zoopla https://www.thisismoney.co.uk/money/mortgageshome/article-13337013/amp/Homes-sale-five-year-high-says-Zoopla-house-prices-fall.html 1.1m in mortgage arrears https://www.mpamag.com/uk/mortgage-industry/market-trends/492000-borrowers-at-risk-of-missing-payments/486603 Mortgage rates rise back above 6% Homeowner pain as mortgages soar above 6pc again https://archive.ph/2024.04.25-164328/https://www.telegraph.co.uk/money/property/mortgages/mortgage-rates-soar-above-6pc-homeowners-pain/ US Economy growth falters despite rising wages Section 21 Eviction Notice Abolition Delayed https://theindependentlandlord.com/section-21-abolition/
Rightmove’s monopoly must be ended for the sake of everyone in the housing market.
House price propaganda, over-inflated house price indices and endless talking up the market at a local level are all leading to widespread seller expectations being too high. This is not usually the seller’s fault, it’s what the industry and media are telling them (although there are some who are clearly delusional, wanting more than even… Continue reading Rightmove’s monopoly must be ended for the sake of everyone in the housing market.
Housing Market Woes Worsening in Q2.
5 Fact Friday – 19 April 2024 ONS: Scotland and NI prices up, England and Wales prices fall 1.1% UK House Price Index summary: February 2024 – GOV.UK Inflation Stays Sticky – CPIH Unchanged at 3.8%, CPI slips slightly to 3.2% https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/march2024 Mortgage rates start increasing https://www.telegraph.co.uk/money/property/mortgages/mortgage-rates-rise-inflation-dash-hopes-summer-rate-cut/ Unemployment jumps “unexpectedly” to 4.2% https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/bulletins/employmentintheuk/april2024 Job Vacancies… Continue reading Housing Market Woes Worsening in Q2.
5 Fact Friday 12 April
5FF April 12th FCA: 7.4m struggling to make payments https://www.financialreporter.co.uk/fca-introduces-new-rules-for-mortgage-lenders-as-74m-still-struggling-to-meet-payments.html Download: RICS March Survey – House Price Survey Balance -4% reflecting slightly negative but stable picture https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/uk-residential-market-survey/March_2024_RICS_UK_Residential_Market_Survey.pdf Bank of England Credit Survey – Defaults expected to increase https://www.bankofengland.co.uk/credit-conditions-survey/2024/2024-q1 Halifax HPI down -1% https://www.halifax.co.uk/media-centre/house-price-index.html https://www.halifax.co.uk/assets/pdf/march-2024-halifax-house-price-index.pdf Feb GDP up 0.1% https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/february2024 Use my First Time Buyer Email… Continue reading 5 Fact Friday 12 April
An Easter Feast of Housing Guff
5 Fact Good Friday 29 March 2024 Down valuations ‘rearing their head again’ says big property firm MPs launch inquiry into home buying and selling proce… https://www.zoopla.co.uk/discover/property-news/no-further-house-price-falls-expected-this-year/ https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/octobertodecember2023 https://www.ft.com/content/bef934b4-7474-4381-8195-447d5346dc1f ONS revises down three years of house price readouts. https://x.com/moving_charlie/status/1772263638360887735?s=20 South East
5 (7) Fact Friday 22 March 2024
Land Registry releases ONS Local House Prices tool: https://www.ons.gov.uk/economy/inflationandpriceindices/articles/housingpricesinyourarea/2024-03-20 Bank of England leaves base rate unchanged at 5.25% https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate Rightmove March House Price Index misleads again: https://www.rightmove.co.uk/news/content/uploads/2024/03/Rightmove-HPI-18th-March-Final.pdf ONS published meaningless national average house prices for January https://www.gov.uk/government/statistics/uk-house-price-index-for-january-2024/uk-house-price-index-summary-january-2024 UK CPIH inflation down to 3.8% https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/february2024 BONUS FACT: Supply of homes for Sale year to date… Continue reading 5 (7) Fact Friday 22 March 2024
8 Reasons UK House Prices Are Collapsing in 2024
8 Reasons UK House Prices Are Collapsing in 2024