{"id":7306,"date":"2022-07-27T12:53:59","date_gmt":"2022-07-27T11:53:59","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/07\/27\/residential-property-review-july-2022\/"},"modified":"2022-08-19T10:56:51","modified_gmt":"2022-08-19T09:56:51","slug":"residential-property-review-july-2022","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/07\/27\/residential-property-review-july-2022\/","title":{"rendered":"Residential Property Review – July 2022"},"content":{"rendered":"
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Cooling demand slows sales<\/strong><\/p>\n<\/div>\n\n

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Demand is cooling in the UK housing market, according to\nthe latest Residential Market Survey published by the Royal Institution of\nChartered Surveyors (RICS).<\/strong><\/p>\n<\/div>\n\n

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New buyer enquiries slipped to a net balance of -27% in\nJune, a significant drop from the -9% recorded a month earlier. Net buyer\nenquiries had fallen nationwide for the first time in nine months in May 2022.<\/p>\n<\/div>\n\n

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Nationally, the volume of sales agreed also dipped in June\n(-13%), a more pronounced fall than the previous month\u2019s reading (-5%). With\nnew instructions close to flat in June (-1%), twelve-month sales expectations\nalso remain negative (-21%).<\/p>\n<\/div>\n\n

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In London, buyer enquiries are proving more resilient,\nbucking the trend to remain in positive territory at +7%. Yet, even in the\ncapital, several respondents to the RICS survey pointed to increasing interest\nrates and rapid inflation as factors that are likely to slow the sales market\nin the coming months.<\/p>\n<\/div>\n\n

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Help to Build applications open<\/strong><\/p>\n<\/div>\n\n

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Applications for the government\u2019s Help to Build equity\nloan scheme are now open, with \u00a3150m of government funding committed to helping\nself-builders achieve their property goals.<\/strong><\/p>\n<\/div>\n\n

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The Help to Build scheme will provide loans of between 5%\nand 20% of costs (up to 40% in London) to people building their own home.\nCurrently, the average deposit needed for self-builds is around 25% of the\ntotal land and building costs, which means many with smaller budgets are\nexcluded.<\/p>\n<\/div>\n\n

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To be eligible for the scheme, the total build costs cannot exceed\n\u00a3600,000 (\u00a3400,000 if the land is already owned), while applicants must plan to\nlive in the property as their primary home.<\/p>\n<\/div>\n\n

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Andrew Baddeley-Chappell, CEO of the National Custom and\nSelf Build Association, welcomes the initiative. He commented, \u201cHelp to\nBuild is important because it opens up custom and self-build as an option to\nthose with smaller budgets and in particular smaller savings. Access to finance\nis just part of the answer. The key constraint is access to land with\npermission to build.\u201d<\/em><\/p>\n<\/div>\n\n

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Homebuyers wait longer as conveyancing delays impact<\/strong><\/p>\n<\/div>\n\n

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Backlogs in the conveyancing process are forcing more homebuyers\nto wait longer from the moment of agreeing a sale, new data have revealed. <\/strong><\/p>\n<\/div>\n\n

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The pandemic property boom, sparked, in part, by the Stamp Duty\nholiday introduced in July 2020, put immense pressure on conveyancers. As a\nresult, the average time from an accepted offer to completion is now 60% higher\nthan it was a decade ago, according to Landmark Information Group.<\/p>\n<\/div>\n\n

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Moreover, over half a million homes are currently sold\nsubject to contract, according to Rightmove, 44% more than in the same time\nperiod in 2019. With buyers now facing an average 133-day wait to seal the\ndeal, those wanting to be in their new home by Christmas are fast approaching\nthe cut-off point.<\/p>\n<\/div>\n\n

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All\ndetails are correct at the time of writing (21 July 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":"

Cooling demand slows sales Demand is cooling in the UK housing market, according to the latest Residential Market Survey published by the Royal Institution of Chartered Surveyors (RICS). New buyer enquiries slipped to a net balance of -27% in June, a significant drop from the -9% recorded a month earlier. Net buyer enquiries had fallen […]<\/p>\n","protected":false},"author":12,"featured_media":7733,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,37],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7306"}],"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=7306"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7306\/revisions"}],"predecessor-version":[{"id":7734,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/7306\/revisions\/7734"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/7733"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=7306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=7306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=7306"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=7306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}