At the beginning of 2023, commentators predicted home values would plummet by as much as 10% over the course of the year. Here’s what actually happened…
https://t.co/Vk58JyHgh5
First-time buyers accounted for more than half of all home loans in 2023 - and more than two-thirds teamed up to secure their home...
https://t.co/JurDMoSEBJ
The latest on the rental market, including:
🆙 Rents have grown 8.3% in the last year
💰 Renters pay £1,220 per month on a average
🤯 The highest average rent is in London. (Okay, maybe this last point isn’t so mind blowing)
https://t.co/ohes3eYGqg
Worth sparing 3 minutes to read '4 things you might not know about homelessness' - a thought-provoking guest post from our partner @crisis_uk
https://t.co/nAOya39Q21
We shared our property 'ins and outs' for 2024 with @MetroUK and @_LizzieThomson for a bit fun.
IN: bungalows
OUT: 6% mortgages
Find the full list here: https://t.co/0QsN33JmAR
The new year housing market is heating up 🏡
Average asking prices have seen the biggest seasonal Dec to Jan jump since 2020, rising by 1.3% to £359,748. But this is still lower than this time last year, which shows that many new sellers are being realistic about pricing.
📦 Moving out of university halls and into privately rented accommodation can be one of the most daunting aspects of student life – for parents and young people alike.
We have got you covered ⬇️
https://t.co/DNFz886htt
Although some under-40s may have given up on owning property, many are looking at 'alternative' ways of getting on the ladder - including being open-minded on area, buying with friends or getting a doer-upper.
More info in @thetimes article below 👇
Where to rent?
1⃣ In 8 UK cities, rents have now increased by more than 10%.
2⃣ However, in rural locations, rents have increased by 6.6% (£67 on average).
3⃣ The average monthly UK rent reached £1,163 in June (£110 higher than a year ago).
Younger people ARE buying homes, first-time buyers account for 34% of the market...and you'd have to forgo 6,272 plates of avocado on toast to accumulate the average deposit of £34,500 anyway. (2/3)
Are sellers reducing asking prices?
1️⃣ 6.5% of homes have been reduced by 5% or more.
2️⃣ This is 60% above the 5-year average 🤯.
3️⃣ Asking price cuts are greatest in the South.
👉 Sellers need to set their asking price at the right level if they’re serious about a sale.
Asking prices have fallen marginally this month as Base Rate rises impact the number of sales agreed. However, buyer demand is still higher than 2019's more normal market level.
Read more here 👉 https://t.co/cT3F5CBXVZ
Top areas where house prices are falling:
- Aberdeen, Scotland
- Three Rivers, South East
- Hertsmere, South East
- Sunderland, North East
- Watford, South East
Tap to see where house prices are falling and rising: https://t.co/pFWW4wbsVB
As cost-of-living pressures intensify, we find many buyers looking for more affordable properties. This means that smaller homes keep their values better than more expensive detached houses and bungalows.
Read more https://t.co/Vk58JyHgh5 (4/4)
The impact of value changes is felt differently across the country. More than half of home values are still growing in the North and Midlands, while cost-of-living challenges and higher mortgage rates see more price falls in the South of England (3/4)
Value of Housing Report: key takeaways (1/4):
- Value of all homes is £10.7 trillion
- 2 in 3 homes worth more than a year ago
- But number of homes with price falls increase over last 6 months