GROWTH SLOWEST SINCE 2010
Although the UK economy did expand during the third quarter, thereby avoiding recession, growth was weaker than expected with the annual rate of expansion the slowest in almost a decade.
For full briefing click here. Economic Review November 2019
First-time buyer numbers hit a 12-year high
Numbers of people buying their first home reached a monthly high in August, achieving a level not seen since 2007, before the financial crisis.
The average first-time purchaser borrowed £175,361 or around 80% of the property value. The amount borrowed equates to a multiple of 3.52 of first-time buyers’ income, but with continuing low interest rates, this only represents 17.1% of total household income.
For full briefing click here. Residential Property Review November 2019
£450K PENSION POT NEEDED TO RETIRE WELL
Recent research1 has shown that savers on an average salary need a pension pot of £447,000 to retire comfortably at the age of 65. This sum would fund their retirement until they were 100 years old, the research suggests.
For full briefing click here. Your Money Autumn 2019
Majority of commercial mortgage brokers optimistic about year ahead
The recently released ‘Broker Barometer’ from Shawbrook Bank has revealed that 67% of commercial mortgage brokers are feeling confident about the lending environment in 2020. Just over half of respondents (53%) stating they feel confident about business growth in the year ahead.
For full briefing click here. Property Market Review October 2019
UK SET TO AVOID RECESSION
Better-than-expected gross domestic product (GDP) data for the latest three-month period has all but dispelled fears of a UK recession this year, although the current rate of growth does remain relatively lacklustre.
For full briefing click here. Economic Review October 2019
Continuing uncertainty in residential property market
The latest Royal Institution of Chartered Surveyors (RICS) UK Residential Market Survey, has reported a decline in home listings coming onto the housing market, with the net balance for new instructions slipping to its weakest point for more than three years at -37%.
For full briefing click here. Residential Property Review October 2019
HOMEOWNERS PUT OFF MOVING DUE TO STRESS
If you find yourself recoiling at the prospect of selling up and finding a new property, you’re not alone. Quite apart from Brexit uncertainty and the housing market slowdown, it seems that many homeowners are putting off moving because it’s simply too stressful. Concerns about moving to a new location, having noisy neighbours and high estate agency gees, among others, explain why 60% of homeowners in a recent study1 are reluctant to start looking.
For full briefing click here. Your Home Finance Autumn 2019
Transaction volume rebound unlikely
In their recent ‘Market in Minutes’ report, covering the UK commercial property market, Savills has outlined that while investment volumes have been lower in comparison with recent averages, Q3 is expected to surpass the Q2 figure of £8.9bn.
For full briefing click here. Property Market Review September 2019
RECESSION FEARS EASE
The latest gross domestic product (GDP) statistics showed the economy grew more strongly than expected in July, significantly easing fears that the UK was on the verge of slipping into recession.
For full briefing click here. Economic Review September 2019
Spending Review disappoints property industry
Early in September, Chancellor Sajid Javid announced extra funding for local authorities, but the property industry has expressed disappointment that the Spending Review did little to benefit housing and planning.
For full briefing click here. Residential Property Review September 2019