Sales in this neck of the woods are agreed in just 33 days, beating the 60-day average across Britain.
Housing market momentum grows — but pre-Budget caution is still creeping in
The lowest mortgage rates for 15 months have fuelled a rise in housing market activity, according to data from Zoopla and Nationwide. The latter, one of Britain’s biggest mortgage lenders, reported a 0.7% monthly jump in house prices in September, making for a 3.2% annual growth.
Against that backdrop it’s no surprise to see Zoopla’s numbers showing that both the volume of sales agreed and buyer appetite in September are both up by more than a quarter compared with the same time a year ago.
Former Bank of England governor Andrew Bailey might have stoked this up even more this week, saying that ‘more aggressive’ interest cuts should probably be on the cards in the UK — something which is bound to light up the housing market still further. With fears over inflation still the top priority, however, the Bank’s chief economist Huw Pill played that down on Friday morning, saying that they’re determined not to move interest rates ‘too far or too fast’.
More new homes hitting the market
Zoopla reports that the number of homes for sale continues to grow — though not all are truly new to the market. A fifth of properties for sale have been on the market at some stage in the last two years, only to be removed and then subsequently remarketed.
‘Market activity is up across the board and expectations of lower borrowing costs will continue to bring buyers and sellers into the market,’ explains Richard Donnell, executive director at Zoopla. ‘Speculation over possible tax changes in the Budget and the impact of previous tax changes are continuing to add to the growth in the number of homes for sale.’
According to Zoopla, a third of homes for sale on the property portal are listed as ‘chain-free’, suggesting that landlords and second home owners are taking matters into their own hands and looking to sell up amid fears of upcoming tax changes.
‘Wait-and-see’ dominates London market
Zoopla is not the only high profile name to shine a light on Autumn Budget jitters in the housing market. Savills claims that concerns at the top end of the market over what the Autumn Budget could hold are ‘offsetting’ the benefit of lower interest rates.
House prices in prime central London fell by 0.7% over the last three months. They also eased back by 0.5% in the prime areas outside London, with downward pressure on prices ‘felt most keenly’ in high-end coastal areas.
That said, house prices in the prime areas of outer London edged up 0.2% between July and September.
Geoff Wilford, founder of independent London estate agency, Wilfords London, says: ‘From what we’ve observed with our clients, those who need to move are still pressing ahead with their plans, while buyers and vendors in prime central London, who often have more discretionary flexibility, seem more inclined to take a “wait-and-see” approach ahead of the upcoming October Budget.’
Landlords’ £23.4bn bill to meet proposed EPC standards
Government plans to raise minimum energy efficiency standards in the rental sector are back on the agenda. And according to Rightmove, 2.9m properties would need to be improved to reach an EPC rating of C, to the tune of £23.4bn. That’s an average £8,074 per property.
The portal’s analysis of EPCs created over the past year shows a ‘green wealth divide’ emerging. It found that 50% of £1m-plus properties had significantly improved their rating since their last EPC, compared with just 32% of properties worth under £400,000.
Want to move in a flash? Head to Scotland
Scotland is home to all 10 of the fastest-moving housing markets in Britain, with properties taking just 33 days on average to find a buyer, compared with 60 days across Britain, according to Rightmove. Note that’s
Carluke in Lanarkshire has been crowned the best place for a quick sale, with sellers in the town finding a buyer in just over a fortnight (15 days). It’s followed by Giffnock (16 days) and Uddingston (17 days), both commuting distance to central Glasgow.
Most of Britain’s slowest markets are near the coast. So, spare a thought for sellers in Brixham in Devon, Skegness in Lincolnshire, and Sandown in the Isle of Wight, where it takes between 109 and 118 days to find a buyer.
‘Carluke has taken the top spot again this year for the fastest market across Great Britain, underlining the continued speed of the market in this part of Scotland,’ says Tim Bannister, property expert at Rightmove.
‘The Glasgow commuter towns of Giffnock and Uddingston are high on the list right now, suggesting buyers are looking for easy access to the city centre, whilst enjoying the increased space that being further out can bring.’
A wave of large family homes is going up for sale as housing market springs into action
A surge of larger homes has hit the market in the last week amid falling mortgage rates, according to Rightmove.
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