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More would-be homebuyers are opting to rent instead whilst they wait for Brexit to produce bargain property prices. A report from OneFamily warned that, as well as deterring young people from buying, existing homeowners are also delaying moving up the ladder. Some are choosing to sell and move back into rented accommodation, gambling on a house price crash before making their next purchase. If prices fall substantially, this strategy could make homeowners tens of thousands of pounds in profit, but they risk losing cash if prices recover.
The Daily Telegraph (11/01/2019)
Renters experience higher levels of harmful stress chemicals in their blood than those who own their home, a study from the Institute for Social and Economic Research suggests. Researchers looking at the health impacts of insecure or low quality housing suggest that renting privately could be harmful to the health and argue this should be considered when developing housing policies. The study also revealed that those living in flats had higher levels of a biological marker known as C-reactive protein (CRP) than those living in detached properties. CRP is a chemical found at elevated levels in the blood in response to stress, injury and infection .
The Independent (14/01/2019) The Daily Telegraph (14/01/2019)
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)