Positive UK Economic Growth in Q2
According to initial estimates from the Office for National Statistics (ONS), in the second quarter of 2017 the UK economy continued to grow. They calculate that the UK saw growth of 0.3% in the three month period ending 30 June, an improvement from the Q1 figure of 0.2%.However, the ONS did caution of a ‘notable slowdown’ since last year, where in the final quarter of 2016, Gross Domestic Product (GDP) grew by 0.7%.
For full briefing click here. Economic Review July 2017
Remortgage approvals steady
The Bank of England (BoE) reports that mortgage lending in the UK recorded an annual increase of 2.9% to May 2017.
The BoE also records 65,202 house purchases for May, up marginally from the 65,051 seen in April, but still below the six month average of 66,990.
For full briefing click here. Residential Property Review July 2017
Getting your offer accepted – How to give yourself the best chance
As we all know, buying a home ranks high up the scale of stressful events. You need to have a plan in place from the moment you start seriously looking, so that if you find somewhere that’s right for you, you’re prepared and can get your offer in quickly.
For full briefing click here. Your Home Finance Summer 2017
‘Flexible’ Retirement Could Mean Working Into Your Late 70s
A recent report shows that those who are planning a ‘flexible’ retirement, reducing their working hours in their later years and topping up their earnings with pension income, could have to work on into their late 70s or even later to achieve a good standard of living.
For full briefing click here. Your Money Summer 2017
Capital values increase across the UK
The latest monthly report from CBRE, the commercial property and real estate services adviser, shows that, despite the announcement in April of a snap general election, capital values across the UK’s commercial property market increased 0.4% in May. Central London office space helped elevate the national average. The office sector saw capital values increase by 0.6% on average in May. This can be mainly attributed to the rise in values of West End and Mid Town offices, where capital values increased 1.1%, month on month.
For full briefing click here. Property Market Review June 2017
Bank of England Reins in Bank Lending
In late June, Mark Carney, the Governor of the Bank of England (BoE), voiced his concerns over the extent of consumer borrowing in the UK. In their half-yearly ‘Financial Stability Report’, the Bank’s Financial Policy Committee (FPC) outlined that lenders had become complacent regarding their lending policies, stating that: “Lenders may be placing undue weight on the recent performance of loans in benign conditions.”
For full briefing click here. Economic Review June 2017
“Wait and see” attitude for buyers and sellers
The latest RICS (Royal Institution of Chartered Surveyors) UK Residential Market Survey indicates a decline in new buyer enquires, new instructions and agreed sales, in May. In addition, the survey deduced that national price growth eased and is expected to slow further over the summer.
For full briefing click here. Residential Property Review June 2017
Brexit has little impact on property lending
Although lower then the previous year, 2016 saw lending into the commercial property sector remain steady, according to the Commercial Property Lending Report from De Montford.
For full briefing click here. Property Market Review May 2017
BOE Governor Offers Cautious Quarterly Inflation Report
The Governor of the Bank of England, Mark Carney, delivered his Q1 2017 Quarterly Inflation Report in mid May, with several caveats as to the state of the UK economy. Whilst maintaining an overall positive stance regarding the growth in wages beyond 2017, he believes that they will only continue to rise if we see a ‘smooth’ withdrawal from the European Union.
For full briefing click here. Economic Review May 2017
Questions over new builds
There is little doubt that the introduction of the Help To Buy equity loan scheme by the Government back in 2013, considerably boosted the new-build sector for residential property in the UK. In 2016, the highest number of new homes were built since 2007. However, there have been some concerns regarding the loan to valuations attributed to some of these transactions in the past.
For full briefing click here Residential Property Review May 2017