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Price growth slows in England and Wales as sales fall – Latest figures

Property prices in England and Wales increased by just 0.8% during the last year, from June 2017 to June 2018. Sales fell by 3.2% to their lowest level since the stamp duty reform in December 2014. Average prices in June (excluding new build) reached £287,558 whilst the price of a new home is now close […]

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One third of British sellers drop asking prices in hope of enticing buyers as number of homes on the market rises

A third of  British sellers have dropped the asking price of their homes at least once. This is the highest proportion in seven years according to the latest house price figures. The Rightmove House Price Index for July found sellers with houses on the higher end of the price spectrum were struggling to receive offers as […]

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Properties taking longer to sell in sluggish market, says RICS

According to surveyors, properties in the UK are taking longer to sell than a year ago owing to the “uninspiring” housing market. Last spring it typically took 16 weeks between a home being marketed and being sold, the Royal Institution of Chartered Surveyors (RICS) said. That has increased to around 18 weeks on average, the […]

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New Tory Housing Minister Kit Malthouse openly admitted making homeless people’s lives ‘uncomfortable’

Theresa May’s new Housing Minister boasted how he pioneered council policy to make life “more uncomfortable” for rough sleepers. Kit Malthouse was named yesterday as the eighth Tory Housing Minister in eight years – taking on Theresa May’s pledge to “fix the broken market”. He was appointed after David Davis in resigned over May’s EU […]

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More people in the UK want the flexibility of renting a home

Many people in the UK have decided that the would rather have the flexibility of renting a home than being tied to owning a property Approximately, of the estimated 17 million renters in the UK, 70% or 12 million adults, have no plans to purchase a property, according to the study from landlord insurer Direct […]

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PRIVATE RENTAL SECTOR SLOWING IN UK BUT WILL EXPAND IN THE LONG TERM

Due to Government intervention and economic uncertainty, the growth of the private rented sector in the UK has slowed down. However, affordability issues for first time buyers is expected to expand over the long term. Tax and regulatory changes  have had to me made by landlords and as a result, the number private rentals has […]

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THe Starter Home

You may remember last year when the Government announced a new Starter Homes Initiative in England. Well here is the low down for those interested. The Starter Homes scheme aims to help  first-time buyers (between 23 and 40 years) purchase a home with a minimum 20% discount off the market price. The initiative aims to […]

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NEW HOME SALES INCREASE IN ENGLAND AND WALES – APRIL 2018 IN APRIL 2018

THE SALE OF NEWLY BUILT HOMES AND FREEHOLD PROPERTIES INCREASED IN ENGLAND AND WALES IN THE MONTH OF APRIL 2018, OFFICIAL FIGURES FROM THE LAND REGISTRY SHOW. 78,408 Sales were recorded in April 2018. Out of these, 11,758 were new builds, a 28.2% increase on April 2017. Of these, 57,657 were freehold. This is a […]

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How long do solicitors take to exchange contracts?

On average, the exchange of contracts for a property purchase in the UK takes six-eight weeks. However, the conveyancing process can be longer or shorter depending on the complexity of the purchase. When do I exchange contracts? Exchange usually takes place seven to 28 days before completion, although it is possible to exchange and complete […]

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Do I need short-term buildings insurance between exchange and completion?

Did you know that from the moment contracts are exchanged you’re legally responsible for insuring your new property? It’s an unusual situation because ownership isn’t legally transferred to you until the completion date. So do you need short-term buildings insurance to cover the period between exchange and completion? The answer depends on whether you’re already […]

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