{"id":6595,"date":"2022-06-28T11:25:36","date_gmt":"2022-06-28T10:25:36","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=6595"},"modified":"2022-06-28T11:25:38","modified_gmt":"2022-06-28T10:25:38","slug":"residential-property-review-june-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/06\/28\/residential-property-review-june-2022\/","title":{"rendered":"Residential Property Review – June 2022"},"content":{"rendered":"
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UK housing market \u2013 busy but slowing<\/strong><\/p>\n<\/div>\n\n

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Following two frenetic years, UK housing market activity\nremains strong, despite some signs of a slowdown beginning to emerge.<\/strong><\/p>\n<\/div>\n\n

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In April 2022, sales agreed were 18% higher than the month\u2019s\npre-pandemic average, according to TwentyCi. Completions too remained 13% above\nthe 2017-19 rate.<\/p>\n<\/div>\n\n

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First-time buyers (FTBs) continue to drive demand, according\nto UK Finance, with 16% more loans granted to FTBs in March 2022 than before\nthe pandemic. Similarly, the buy-to-let market is still seeing significant\nactivity, with loans granted up 50% on the 2017-19 average.<\/p>\n<\/div>\n\n

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Mortgage approvals in April, however, returned to\npre-pandemic levels. This is likely to cause completion rates to moderate as\nthe year progresses, analysts suggest. Likewise, with signs that the market is\nstarting to cool, Savills now predicts house prices to rise nationally by 12.9%\nover the next five years, suggesting more subdued medium-term growth.<\/p>\n<\/div>\n\n

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More FTBs eligible for Right to Buy<\/strong><\/p>\n<\/div>\n\n

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The Right to Buy scheme is set to expand its reach, as\npart of a package of measures announced by the government to help FTBs get a\nfoot on the housing ladder.<\/strong><\/p>\n<\/div>\n\n

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Over 2.5 million people could benefit from the plan to extend\nthe Right to Buy scheme to include housing association homes, the government\nclaims, though full details have not yet been revealed.<\/p>\n<\/div>\n\n

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Meanwhile, plans for an independent review of the mortgage\nmarket will aim to improve access to low-cost mortgages for FTBs with 5%\ndeposits. Other plans include allowing people to use housing benefit towards\nmortgage repayments and excluding money saved for house deposits in Lifetime\nISAs from benefits calculations.<\/p>\n<\/div>\n\n

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In a speech to announce the measures, Prime Minister Boris\nJohnson pledged to turn \u201cGeneration Rent\u201d<\/em> into \u201cGeneration Buy\u201d<\/em>.\nHe added, \u201cFirst-time buyers are trying to hit a continually moving target.\nBy the time they\u2019ve put aside money to secure their mortgage, prices have risen\nand it\u2019s no longer enough.\u201d<\/em><\/p>\n<\/div>\n\n

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British cities staging comeback<\/strong><\/p>\n<\/div>\n\n

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Homebuyers are increasingly attracted to urban areas, new\nresearch suggests, with cities like Bristol, Liverpool and Aberdeen all in high\ndemand.<\/strong><\/p>\n<\/div>\n\n

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The number of rural residents searching for urban properties\nhas risen 50% from January 2021 levels, according to research by Rightmove. In\nScotland, meanwhile, soaring urban demand has pushed rents up by 8.5% year on\nyear, according to Citylets, with Edinburgh (14%) and Glasgow (16%) especially\nsought after.<\/p>\n<\/div>\n\n

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Following the pandemic \u2018race for space\u2019, analysts have now\nidentified a rush for city locations with easy access to the countryside. Such\nhotspots include Bath, where asking prices have risen by 15% in the last year,\nmore than in any other English city.<\/p>\n<\/div>\n\n

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Rightmove\u2019s Tim Bannister commented, \u201cMany people started\nthe year needing to prioritise being closer to work over having more space.\nThis has contributed to a rise in enquiries from people in more rural areas to\ncities and a drop in the number of people looking to escape to the country\u201d.<\/em><\/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":"

UK housing market \u2013 busy but slowing Following two frenetic years, UK housing market activity remains strong, despite some signs of a slowdown beginning to emerge. In April 2022, sales agreed were 18% higher than the month\u2019s pre-pandemic average, according to TwentyCi. Completions too remained 13% above the 2017-19 rate. First-time buyers (FTBs) continue to […]<\/p>\n","protected":false},"author":12,"featured_media":6591,"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\/tomd\/wp-json\/wp\/v2\/posts\/6595"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=6595"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6595\/revisions"}],"predecessor-version":[{"id":6598,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6595\/revisions\/6598"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/6591"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=6595"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=6595"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=6595"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=6595"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}