5FF 8 March 2024 Jan 2024 Transactions fall 10% on year earlier, 20% on December. https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary 2023 Mortgage Lending lowest in 50 years – UK Finance https://ukfinance-newsroom.prgloo.com/news/affordability-pressures-push-down-mortgage-lending-and-savings-in-2023 UK Spring Budget 2024 – CGT Cut from 28 to 24%, Stamp Duty holiday ends, Holiday Lets tax break ends https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html#:~:text=a%20timely%20manner.-,6.6%20Housing,-Barking%20%E2%80%93%20The OBR: 2026 before house prices rise https://www.telegraph.co.uk/money/property/house-prices/falling-interest-rates-to-drive-house-price-recovery… Continue reading 5 Fact Friday 8 March – Great news
Tag: house prices
2024 Spring Budget Boost for Affordable Housing
The lack of help for first time buyers or other government stimulus is the best thing that could have happened. What goes up, must come down. Except house prices, it would seem. The chances of buying a home have continued to escape more and more would-be home buyers. The average age of a first time… Continue reading 2024 Spring Budget Boost for Affordable Housing
The Week It All Changed.
5 Fact Friday – 16 Feb 2024 ONS December House Price Index continues to be confuseless. https://www.gov.uk/government/statistics/uk-house-price-index-for-december-2023/uk-house-price-index-summary-december-2023 January Inflation Unchanged Again at 4.2%: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/january2024 GDP – We’re officially in Recession: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/octobertodecember2023 GDP Per Capita – We’ve been in recession for 2 years already: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/octobertodecember2023#:~:text=%2D0.2-,Source%3A%20GDP%20first%20quarterly%20estimate%20from%20the%20Office%20for%20National%20Statistics,-Notes Commercial Property Debt Time-bomb close to detonating: https://www.businessinsider.nl/commercial-real-estate-is-in-big-trouble-and-the-problems-may-have-major-financial-fallout/ Bonus fact, for… Continue reading The Week It All Changed.
Everything’s Fine! No. No it’s not.
Five Fact Friday – 9 Feb 2024 House Prices Up! *NOT* https://www.halifax.co.uk/media-centre/house-price-index.html RICS – “The worst is over!” *NOT* https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/uk-residential-market-survey/January-2024_RICS-UK-Residential-Market-Survey.pdf Mortgage Rates UP. https://www.forbes.com/uk/advisor/mortgages/2024/02/08/mortgage-updates/ Mortgage Arrears UP. https://www.ukfinance.org.uk/news-and-insight/press-release/mortgage-arrears-and-possessions-figures-q4-2023 Valuation Requests Record High https://www.rightmove.co.uk/news/articles/property-news/home-valuations-hit-new-record/
Halifax v Rightmove?
Halifax says “house prices” rose in December 2023, monthly, quarterly and yearly. Rightmove’s December 2023 index says they fell, monthly and yearly. Question: Why would sellers be lowering asking prices across the board if actual house prices were rising? Think about it. Then you decide. My view: You are being gaslit by the debt salesmen.… Continue reading Halifax v Rightmove?
Moving home in 2024
This time last year the message from the moving industry was “everything’s fine, 2023 will be fine”. For movers, whether you were buying or selling (and even ignoring prices) 2023 was the most difficult year for moving home in recent memory as transaction volumes reduced and lending tightened, with lenders making many more down-valuations on homes… Continue reading Moving home in 2024
Festive Final Five Fact Friday of 2023
5FF 1 Dec 2023 Fact 1: Bank of England October Mortgage approvals up. (They couldn’t have got much lower). https://www.bankofengland.co.uk/statistics/money-and-credit/2023/october-2023 Zoopla Nov HPI. – 6 year supply high. £18,000 average discounts from asking price. https://www.zoopla.co.uk/discover/property-news/house-price-index/ Used car market crashing 4.2% in one month https://cardealermagazine.co.uk/publish/used-car-price-crash-continues-with-trade-values-falling-4-2-again-in-november/293687 Government botches leasehold reform legislation. https://www.thetimes.co.uk/article/bill-to-ban-leaseholds-doesnt-ban-leaseholds-ministers-admit-g9mvh27dw New legislation for property listings announced … Continue reading Festive Final Five Fact Friday of 2023
No New Stimulus. 5 Fact Friday 24th Nov 2023
5FF 24 Nov 2023 – The week of Jeremy Hunt’s Autumn Statement
No, Nationwide. That’s what got us into this mess.
Nationwide Building Society begs for a government bailout for first time buyers and savers. 20 Nov 2023 NATIONWIDE CALLS FOR MORE SUPPORT FOR FIRST-TIME BUYERS AND SAVERS Nationwide wants greater government support [aka free money] for first-time buyers and savers ahead of the Chancellor’s Autumn Statement as rising costs delay owning a home and building… Continue reading No, Nationwide. That’s what got us into this mess.
2024 will bring about the end of estate agency as we know it, in a good way.
There’s one thing that’s not in dispute: A fall in transaction volumes is bad for everyone who needs or wants to move house. It’s also bad for the multi-layered industry that makes it’s living from these transactions. A painful but cathartic rebirth of the moving industry is underway. Whatever happens to house prices as 2024… Continue reading 2024 will bring about the end of estate agency as we know it, in a good way.