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Yorkshire and Humberside was the top performing region for the first time since 2005 in September, with the annual price growth picking up to 5.8%, the Nationwide House Price Index has found.
In the region house prices now average at £160,263. Overall in the UK annual house price growth was steady at 2%.
Robert Gardner, Nationwide’s chief economist, said: “Overall, UK house price growth remained broadly stable, but regional house price developments were more varied.
“Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates.
“Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low.
“Overall, we continue to expect house prices to rise by around 1% over the course of 2018.”Full/source article
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Zoopla says 38 per cent of properties on sale have had their asking prices slashed.
That’s a five per cent rise since the portal’s last assessment made in April.
The average cut is 8.5 per cent, equivalent to £26,131.
Zoopla spokesman Lawrence Hall says the shock figures“should be welcome news for prospective first-time buyers looking to get a foot on the property ladder” - although he predicted “further market uncertainty ahead.”
Predictably, the situation was starkest in London where 39.5 per cent of property listings have been reduced in price.Full/source article
Supply hit its highest level for October in seven years as discounting remains prevalent.
Figures from property website Home.co.uk showed supply was up 14% annually in October, the highest level for the month since 2011.
The biggest surges in supply were in the south west of England and West Midlands, up 24% and 21% respectively.
Meanwhile, 80,291 properties had their asking prices reduced last month, Home.co.uk’s analysis showed.
Time on the market has also increased over the past year by five days to 94.Full/source article The property market continued to lose momentum in September as Brexit uncertainty caused potential buyers and sellers to sit on their hands.
The number of people looking to purchase a home fell deeper into negative territory, building on the previous month’s fall, according to the Royal Institution of Chartered Surveyors (RICS).
New instructions to sell property also dropped for the second month running, leaving the number of homes on estate agents’ books close to record lows.
Unsurprisingly, the lack of supply and demand meant sales volumes fell, while the average time taken to find a buyer increased to 19 weeks – the longest period recorded since the measure was introduced in early 2017.
Simon Rubinsohn, RICS chief economist, said: “There are a number of themes running through the comments of respondents this month but uncertainty relating to Brexit negotiations is at the very top of the list.”Full/source article
I had coffee with an agent this morning and she said the Christmas slow down started in October
she thinks it’s slower now than the crash in 2007
Learn Change and Adapt ?????
All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.
Asking prices have fallen annually across the UK for the first time in seven years, Rightmove has revealed.
Data from the portal shows new listings this month were priced at £302,023, down 0.2% annually, the first such fall since November 2011.
The figure was also down 1.7% on a monthly basis, the steepest fall for November since 2012.
All regions saw a monthly fall in the price of property coming to the market.
The largest monthly decline was in the south-east with an average 2.1% fall, while new seller asking prices in London dropped by 1.7% and as much as 6.9% on the high-end properties in the centre of the capital.
Average time to sell was flat at 61 days, while average stock per agent was also level at 52.
The report also showed that the number of sales agreed was up just 1% annually in October.Full/source article