It’s time for terraced homes
Terraced houses are the property type selling the quickest across the UK, at an average of just 56 days, followed closely by semi-detached houses at 58 days. Flats are taking an average of 75 days, while detached houses are taking the longest to sell at 78 days. However, with demand rising as we move into […]
Shining a light on energy-efficient homes
Buyers are increasingly looking for more energy-efficient homes, with 39% of survey respondents noticing greater interest from buyers, an increase from 34% when the same question was asked last year. 43% stated that sellers were looking to attach a premium to homes that are more energy efficient and 37% said that higher energy-efficient homes were […]
Housing and wider economic outlook
Monitoring the outlook for various economic indicators gives us a good view on both the current and future direction of the housing market. At the Bank of England March meeting the bank rate was held at 5.25% but the governor announced “We are on the way” to interest rate cuts. This aligns with consensus forecasts […]
Spring Budget 2024
The Spring Budget this year felt very much like a keep calm and carry on budget for the housing market. There were no dramatic policy announcements to interrupt usual housing market activity. Better inflation forecasts from the Office of Budgetary Responsibility are good news for interest rates. The OBR forecast inflation will go below 2% […]
Garden rooms can add 5%
Spring is around the corner with seven-spot ladybirds, daffodils and snowdrops emerging across the country. Naturally our attention is turning to gardening and planning what to do with our outdoor space. Research by The Motley Fool found that adding a quality garden room is the best way to add value to a property, by an […]
Interest rate outlook
The Bank of England held the Bank Rate at 5.25% in its February 2024 meeting. The Bank Rate has been at this level since August 2023. Given current economic data, it is more likely that interest rates will be cut in the second half of 2024 not the first. The latest consensus forecast (January 2024) […]
January jump in asking prices
The average new seller asking price rose by 1.3%, the biggest price rise for January since 2020. This is over double the 20-year average of +0.6%. As mortgage rates fall and the economic outlook brightens, buyer demand is improving, with 42% of agents reporting that buyer demand is higher than a year ago. The number […]
Is AI reshaping the property industry?
Artificial Intelligence left its imprint on the property market landscape in 2023, starting to reshape the way things operate. 48% of estate agents reported using ChatGPT or equivalent in their business (compared to 38% in May), and a further 19% were exploring it in use cases. AI can help by streamlining operations and enhancing decision-making […]
Second home hotspots
Cornwall has been ranked as the top hotspot in the UK for second homes, with 9,425 currently located there. Kensington and Chelsea came second with 5,355, and Westminster third with 4,390. Kensington and Chelsea tops the charts for the highest total value of second homes at £6bn, followed by Westminster (£4.2bn) and Cornwall (£3.1bn). Despite […]
Days of Christmas | Oh! Christmas tree
Resplendent with twinkling lights and cherished ornaments, the Christmas tree is a symbol of warmth, tradition, and the spirit of giving. The average Christmas tree will grow for 15 years before it’s ready for sale. In the same time frame, rents have lit up by almost 40%. The average monthly rent is £1,417, significantly higher […]