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New house price data from Lloyds Bank Private Banking has revealed a decline in sales of homes worth £1m or more in London, down 8%, with the capital's market share across the country of such homes falling to 57%, down 3% from 2017. Sarah Deaves, UK Wealth Director at Lloyds Bank, said: “Political uncertainty is likely to be influencing buyers’ decisions in the capital…Explanations for [nationwide] could be that homes outside of the capital are less likely to be used for investment with purchaser buying properties to live in”.
The Sunday Telegraph (06/01/2019)
UK house prices grew at an annual pace of 0.5% in December, compared to 2.6% in 2017, according to Nationwide Building Society – the slowest annual rate since February 2013. Northern Ireland saw the biggest house price rises, up 5.8%. Prices in Wales climbed 4%, in Scotland they were up 0.9% and in England they rose 0.7%. London and the surrounding areas continue to see prices fall, by 0.8% and 1.4% respectively.
BBC News (04/01/2019)
Experts have suggested that the housing market will pick up after Brexit as more than half of first-time buyers are waiting until April to purchase their homes. Research by OneFamily showed that 55% of first-time buyers believe property prices will drop and they will be able to get more for their money after March 29th. However, property chiefs said those holding off were “misguided”, as prices are actually expected to increase.
The Daily Telegraph (08/01/2019)
Almost half of homeowners with a mortgage say they have been overpaying on their home loan in recent months, a survey by Which? Mortgage Advisers has found. Some 46% of homeowners said they had made overpayments during the 12 months leading up to June 2018, including 69% of 18 to 24-year-olds and 52% of homeowners aged 25 to 34. People in London (60%) were the most likely to be making overpayments.
The Sunday Times (05/01/2019)
East London remains the top area for home buyers on a budget, according to the latest sold prices recorded by the Office for National Statistics. Newham saw its average sale price fall 0.8% to £365,182, with investment in new building continuing long after the 2012 Olympic Games, attracted by the eventual five Elizabeth Line stations in the borough. Bexley came in second, with an average price of £341,784 (a rise of 1.8%), while Barking and Dagenham took first spot, with homes still available for an average of £300,518, a 2.4% increase.
Evening Standard (03/01/2019)
UBS research shows London property listings stay on the market for an average 128 days before selling, up from 77 in 2016, while price reductions have doubled to 39% of listings.
Financial Times (02/01/2019)