HOUSING NEWS

Leasehold properties ‘not explained’ to house buyers…

Owners of leasehold properties could be compensated after the terms of their purchases were “not explained” to them by solicitors, a legal expert says. Some owners have said they may not have bought their houses because leaseholds “can put you in financial ruin”. A number of legal firms are investigating cases across Wales and England, […]

Brexit: Carney warns no-deal could see house prices plunge…

The Bank of England’s governor has warned the cabinet that a chaotic no-deal Brexit could crash house prices and send another financial shock through the economy. Mark Carney met senior ministers on Thursday to discuss the risks of a disorderly exit from the EU. His worst-case scenario was that house prices could fall as much […]

House prices see summer slowdown, says Nationwide…

Annual UK house price growth continued to slow over the summer with homes now 2% more expensive than a year ago, the Nationwide has said. The building society said that the annual change had fallen from growth of 2.5% in July to 2% in August. Average property prices had actually fallen by 0.5% in August […]

Estate agent Countrywide gets £140m emergency cash…

Investors in Countrywide. the UK’s largest estate agency owner, have approved a £140m emergency fundraising at the company’s annual meeting. The company owns 50 brands including Bairstow Eves and Hamptons International and employs 8,000 people. A £200m debt pile and difficult trading conditions have forced Countrywide to raise funds to stay afloat. Its decision to […]

Countrywide scraps bosses’ £20m bonus package…

Countrywide, the UK’s largest estate agency group, has cancelled plans for a new bonus package for its bosses following an outcry from investors. The package could have paid out a total of £20m to three executives, depending on the firm’s share price performance over the next three years. Shares in Countrywide plunged earlier this month […]

Supply shortage could push rents up 15% says RICS…

Rents could rise 15% by 2023 as the supply of new rental properties dries up, according to a survey by the Royal Institution of Chartered Surveyors (RICS). It said small scale landlords are pulling out of the market. It blamed tax changes brought in last year which have made buy-to-let investments less profitable. RICS said […]

UK house price growth accelerates, Halifax says…

UK house prices picked up last month, rising at the fastest annual pace since November, the Halifax has said. The lender says prices in the three months to July rose by 3.3% from a year earlier, with the average cost of a house hitting a record £230,280. Prices in July rose a stronger-than-expected 1.4% from […]

Rise in lenders valuing homes below sale price…

There has been a “significant” rise in homes being valued at less than what buyers have agreed to pay, the UK’s largest mortgage advisers have said. These “down valuations”, by lenders, can mean buyers having to pay thousands of pounds extra, up front, to avoid the sale collapsing. Estate agents Emoov said it reflected surveyors […]

Prices of flats stay unchanged for a year, says ONS…

Millions of flat owners have seen no growth at all in the value of their homes over the past year, according to the Office for National Statistics (ONS). That is the first time that has happened in six years. The main reason is that a quarter of the UK’s flats and maisonettes are in London, […]

Properties taking longer to sell in sluggish market, says RICS…

Properties in the UK are taking longer to sell than a year ago owing to the “uninspiring” housing market, according to surveyors. Last spring it typically took 16 weeks between a home being listed and being sold, the Royal Institution of Chartered Surveyors (RICS) said. Now that has risen to about 18 weeks on average, […]