Property Update

29th June, 2018, by David Hargreaves

Sunday 24 June

  • HM Revenue & Customs has reported that the number of home sales completed last month declined, compared with May 2017.

Monday 25 June

  • Of the 17m people renting homes in Britain, over two-thirds now say they have no plans to purchase a property in their lifetimes.
  • A report on how to tackle the housing shortage has been written by Conservative thinktank Onward.  The study urges ministers to end tax breaks for buy-to-let landlords.

Tuesday 26 June

  • A report by the Centre for Cities think-tank has concluded that many UK cities depend too much on retail and argues that for their economic prospects to improve, they must replace many of their shops with offices, housing and public space.

Wednesday 27 June

  • The number of bank-approved mortgages hit its highest level for four months in May at 39,200, with the average size of a mortgage passing the £200,000 mark for the first time.
  • The biggest risk in raising interest rates would be if it were “done too quickly” according to Jonathan Haskel, the new Bank of England ratesetter.

Thursday 28 June

  • Annual growth in UK house prices has fallen to its slowest pace in five years, according to Nationwide, which says demand has been subdued.
  • House prices rose by 2% in the past year, while the month-on-month rise was 0.5%, taking the average price of a home to £215,444.

Friday 29 June

  • The latest Hometrack UK Cities House Price Index shows that across the UK’s 20 biggest cities, growth ranged from -5.7% to 7.1%, with Aberdeen and Cambridge the only two cities registering falls over the last 12 months.
  • Deputy Bank of England Governor, Jon Cunliffe, has moved to allay fears of an imminent interest rate rise – asserting that any rises would be delivered in a “gradual and limited way”.
  • Data released by the Ministry of Housing has revealed a drop in the number of new homes being built. Building work began on 157,480 new homes in 2017-18 – down from 163,000 the previous year.

For further information on any topics presented in this week’s property update, please contact our office on 0115 841 1155.