{"id":1295,"date":"2022-10-05T14:29:41","date_gmt":"2022-10-05T13:29:41","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=1295"},"modified":"2022-10-05T14:29:41","modified_gmt":"2022-10-05T13:29:41","slug":"residential-property-market-review-september-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/10\/05\/residential-property-market-review-september-2022\/","title":{"rendered":"Residential Property Market Review – September 2022"},"content":{"rendered":"
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Strong monthly transactions but slowing activity ahead<\/strong><\/p>\n<\/div>\n\n

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Latest data from the UK housing market presents a mixed\npicture, with dwindling demand and limited supply contrasting markedly with\nstrong transaction figures.<\/strong><\/p>\n<\/div>\n\n

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Homebuyer demand remains above average, Zoopla pointed out.\nYet analysts expect demand to weaken in coming months as more households feel\nthe cost-of-living squeeze, a prediction supported by the latest Royal\nInstitution of Chartered Surveyors (RICS) survey, which showed new buyer enquiries still in negative territory. The RICS\nsurvey also noted that new instructions to sell homes remained largely flat,\nwhich is keeping supply limited.<\/p>\n<\/div>\n\n

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Completed transactions, in contrast, remained strong in\nJuly, 6% above the 2018-19 average for the month, according to HM Revenue and\nCustoms. Despite this, there are already signs of slowing activity ahead, with\nmortgage approvals 9% below the 2018-19 average for the month, according to the\nBank of England.<\/p>\n<\/div>\n\n

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Help to Buy ends<\/strong><\/p>\n<\/div>\n\n

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First-time buyers (FTBs) have only a month left to take\nadvantage of the Help to Buy: Equity Loan scheme, which will stop accepting new\napplications at the end of October 2022.<\/strong><\/p>\n<\/div>\n\n

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The government\u2019s flagship initiative, which was always\nintended to be temporary, will close completely in March 2023. First launched\nin 2013, it has so far helped at least 350,000 FTBs onto the property ladder.<\/p>\n<\/div>\n\n

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Help to Buy enables FTBs to purchase a new build property\nwith just a 5% deposit. When the initiative wraps up, however, there will still\nbe several government schemes offering help to FTBs and other buyers. Those with\nonly a 5% deposit will be able to use the mortgage guarantee scheme to borrow the\nother 95%.<\/p>\n<\/div>\n\n

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Shared Ownership, meanwhile, allows people to buy a share in\na property and pay rent on the rest. FTBs are also eligible to save into a Lifetime\nISA, which adds a government bonus of 25% onto annual house deposit savings of\nup to \u00a34,000.<\/p>\n<\/div>\n\n

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Greening homes \u201ca monumental but essential task\u201d<\/em><\/strong><\/p>\n<\/div>\n\n

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Scotland\u2019s first-ever Green Home Festival, organised by\nmembers of the Construction Industry Collective Voice (CICV) as part of the\nEdinburgh Festival Fringe, took place in August to raise awareness of the role\nof property in the transition to net zero.<\/strong><\/p>\n<\/div>\n\n

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The week-long series of events delivered practical advice on\ntopics ranging from using sustainable materials to protecting homes against\nfloods. The festival aimed to engage individuals and businesses to reduce their\ncarbon footprint and become more energy efficient.<\/p>\n<\/div>\n\n

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Patrick Harvie, Minister for Zero Carbon Buildings, Active\nTravel and Tenants\u2019 Rights, was the keynote speaker. In his speech he said, \u201cOur\nstatutory target for 2030 means that we need to reduce emissions from heating\nbuildings by 68% below their level in 2020. This is a monumental but essential\ntask. Our building stock is relatively old and wasn\u2019t always built to high\nenergy standards. This legacy of poor energy efficiency has contributed to\nemissions and fuel poverty, so we need to start drastically improving that\nstandard.\u201d<\/em><\/p>\n<\/div>\n\n

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All details are correct at the time of writing (20 September 2022)<\/strong><\/p>\n<\/div>\n\n

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It is important to take professional advice before making any\ndecision relating to your personal finances. Information within this document\nis based on our current understanding and can be subject to change without\nnotice and the accuracy and completeness of the information cannot be\nguaranteed. It does not provide individual tailored investment advice and is\nfor guidance only. Some rules may vary in different parts of the UK. We cannot\nassume legal liability for any errors or omissions it might contain. Levels and\nbases of, and reliefs from, taxation are those currently applying or proposed\nand are subject to change; their value depends on the individual circumstances\nof the investor. No part of this document may be reproduced in any manner\nwithout prior permission.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Strong monthly transactions but slowing activity ahead Latest data from the UK housing market presents a mixed picture, with dwindling demand and limited supply contrasting markedly with strong transaction figures. Homebuyer demand remains above average, Zoopla pointed out. Yet analysts expect demand to weaken in coming months as more households feel the cost-of-living squeeze, a […]<\/p>\n","protected":false},"author":12,"featured_media":1296,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1295"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=1295"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1295\/revisions"}],"predecessor-version":[{"id":1297,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1295\/revisions\/1297"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/1296"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=1295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=1295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=1295"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=1295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}