020 7538 0102
|
The number of Londoners leaving the capital has reached its lowest level in nine years, signaling the end of the "race for space" trend. According to estate agent Hamptons, 69,190 homes were bought outside London this year, down from a record 100,980 two years ago. Londoners spent £28.7bn on homes outside the capital, 41% less than in 2021. They also spent 29% less than when compared with last year. Research also showed that first-time buyers purchased 20,940 homes outside London in 2023, more than triple the number a decade ago. Meanwhile, 77% of home-movers who left London this year spent less on their new home than they sold their previous one for. Aneisha Beveridge, head of research at Hamptons, said: “With mortgage rates expected to continue falling in 2024, the affordability picture should improve. We expect this to slow the pace of London outmigration somewhat, as younger Londoners can increasingly afford to buy locally. Upsizers, who have sat tight in a subdued 2023 market, are likely to come back into the fold as it gets cheaper to borrow, meaning they're likely to dominate those leaving the capital next year.” |
|
The Times London Evening Standard |
|
The Sunday Times highlights the most popular houses on property websites in 2023, with prices ranging from £25,000 to multi-million mansions. Zoopla's most-viewed property was a two-bedroom flat in east London with a view of Leyton Orient's football pitch, which was first listed for sale in March for £350,000. Second on Zoopla's most-viewed list was a two-bedroom terraced house close to Kirkdale station in Liverpool. The cheapest property in its top ten, on sale for £25,000. Affordability was also a key concern for browsers of the property portal OnTheMarket.com. Four out its top five most-viewed properties are priced at £390,000 or less. Two of them are in Wales: a £100,000 fixer-upper and a £295,000 period cottage. However, at Rightmove the cheapest property in its top ten most-viewed listings was a £2.3m property in south Ayrshire, which is the only property in its top ten that has been sold. Its most-viewed property in 2023 was Shenstone House, a seven-bedroom Arts and Crafts-style property built 15 years ago in Solihull, Warwickshire, with its own woodland and topiary maze. Initially listed in September 2022, it is on sale with Knight Frank estate agency for £4.5m. Savills' most-viewed property of the year was Glenthorne House in Lynton, Devon. The early 19th-century property has 11 bedrooms and a 2.5 mile driveway, thought to be one of the longest in England. |
|
UK house prices are expected to fall in 2024, according to analysts and lenders. The Government's official forecaster predicts a drop of nearly 5%, while lenders expect a smaller decline. Rent prices for newly-let properties are also projected to rise by 5-6%. UK Finance, which represents banks and lenders, said it expected mortgage lending to fall, and for more people to fall into arrears. It predicts UK lending for house purchases will drop by 8% in 2024. Robert Gardner, Nationwide's chief economist, said: "If the economy remains sluggish and mortgage rates moderate only gradually, as we expect, house prices are likely to record another small decline or remain broadly flat over the course of 2024." |
|
The Conservatives plan to cut the up-front cost of a home for first-time buyers. Michael Gove told The Times that the party would “definitely” have a new offer in place before polling day, in what is expected to be a central element of the party's campaign. Options being considered include Government support for longer fixed-term mortgages and a revival of the Help to Buy scheme. Ministers are also reportedly looking again at stamp duty and some in favour of scrapping the tax altogether, arguing that it distorts the housing market by discouraging people from moving. Gove said: “We have been asking the question, how can we ensure that people with decent incomes who are finding it difficult because of the scale of deposit required can get on to the housing ladder? I don't want to pre-empt anything … but it's about looking at some of the rigidities in the mortgage market which they haven't got in other jurisdictions.” |
|
The Times |
|
The average house price in London has more than doubled in the 20 years since the release of the film Love Actually, according to analysis by Savills. The average house price in London has surged from £278,000 in 2003 to £705,000 in 2023. Savills also looked at specific areas where the film was set, finding that house prices in St James's ward increased from £491,655 to £1,747,027, and in the West End ward from £585,529 to £3,929,524. The average property transaction value in West Putney increased from £339,441 to £844,308. In the ward of Colville, which includes Notting Hill, the average house price increased from £542,140 to £1,870,682. |
|
London Evening Standard The Independent UK |
|
The impact of Brexit on London's housing market has been revealed in new research. Despite dire predictions of an 18% drop in house prices, real terms prices today are no higher than in late 2015. Central London neighborhoods have seen the most severe slowdown, with house prices falling since the Brexit vote. Meanwhile, outer boroughs have experienced growth, with Redbridge seeing a 30% increase in property values. The decline in London's property market is attributed to reduced interest from wealthy foreign buyers due to the uncertain economic climate following the Brexit vote. Experts also point out that stamp duty and other factors have played a significant role in shaping the housing market in the capital. |
|
London Evening Standard |