In June, there were just under 70,000 new mortgage approvals according to UK Finance, which is 5% higher than the level reported in May. Loans to first-time buyers (comprising 47% of approvals) were once again greater than those to existing home owners (45% of approvals). First-time buyer loans rose by 6.2% in the month. Lending to buy-to-let investors has remained fairly consistent...
Housing market confidence is closely tied to the state of the economy and strong employment and rising wages would normally support a confident housing market. However, in the year to June 2019, while weekly earnings rose to 3.6%, house prices increased by just 0.9% over the same period, demonstrating the breakdown in the relationship between earnings and house price growth. Therefore...
According to the RICS (Royal Institution of Chartered Surveyors) Residential Market Survey, tenant demand is the highest it has been since the end of 2016. However, landlord instructions have fallen once again following a continuous decline since July 2016. A number of estate agents have noted landlords disposing of their properties owing to punitive regulations, with little new...
Among other factors (policy and economic performance being key), changes to taxation in the form of stamp duty land tax at point of sale can have a big impact on cooling or stimulating the level of activity in the UK housing market. The new Prime Minister, Boris Johnson, has said he is considering stamp duty reform during his premiership. Measures he has aired publicly to date include:...
There were 14,794 homes sold across England and Wales in the past 12 months priced at £1 million or more. This equates to just 1.7% of all sales, and just under £26 billion in value. As in previous years, the tally of properties selling at or above the £1 million threshold was greatest in London, where over half (59%) of all £1m+ homes sold in the past year. This...

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