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The Latest Breaking News from Richard Donnell

House prices declined at fastest rate since 2009 in August – surveyors

Demand among home buyers has fallen, but in the rental sector there is a ‘yawning gap’ between the strong demand for homes and supply, Rics said.

The Independent UK

Number of house sales this year ‘on track to be lowest since 2012’

The number of house sales with a mortgage is expected to be nearly a third lower this year compared with 2022, Zoopla said.

The Independent UK

Mortgage costs dampen affordability despite falling London house prices and rising wages

London’s price-to-earnings ratio is in single digits for the first time in 11 years

Evening Standard

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Is now a good or a bad time to put your home on the market?

Uncertainty over mortgage rates and house prices mean would-be house sellers have some careful weighing-up to do. By Vicky Shaw.

The Independent UK

Housing markets where homes cost over £300,000 ‘more exposed to price falls’

Four in five local housing markets currently registering annual price falls have average prices of more than £300,000, Zoopla said.

The Independent UK

Locations with biggest concentrations of property value rises and falls revealed

Some property value falls have been concentrated in southern England, while the North and Midlands have been hotspots for homes rising in value.

The Independent UK

42% of house sellers ‘shaving over 5% off asking prices to achieve a sale’

Zoopla said its view is that 5% mortgage rates represent a ‘tipping point’ for the housing market.

The Independent UK

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Tenants are now spending an average of more than 28% of their earnings on rent

It's the highest proportion seen in a decade

Nottingham Post

Average British tenant is now spending more than 28% of their earnings on rent

It's the highest proportion seen in a decade

Wales Online

Rental costs now account for over 28% of earnings in decade high – report

The latest report from Zoopla revealed the proportion of tenants falling behind with rental payments has doubled to 8% in the last six months.

The Independent UK

Hunt rules out mortgage support or food price caps; Mortgage ticking time bomb is ‘now exploding’ – as it happened

Jeremy Hunt faces calls to introduce mortgage interest tax relielf from Conservative MPs at Treasury Questions, and rules out price caps on food

The Guardian - UK

Warning over house sales this summer as mortgage rates rise again

Property experts say rising interest rates are continuing to dampen the housing market

Manchester Evening News

Average fixed mortgage rates edge closer to 6% as more deals are hiked

The typical two-year fixed-rate deal was sitting at 5.98% on Friday, Moneyfactscompare.co.uk said.

The Independent UK

Buying an ex-rental home: one in nine homes listed for sale has previously been rented out

Ex-rental properties can be around a quarter cheaper to buy typically than homes which have been lived in by owner-occupiers.

Evening Standard

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The Independent UK

One in nine homes listed for sale has previously been rented out – Zoopla

Ex-rental properties can be around a quarter cheaper to buy typically than homes which have been lived in by owner-occupiers, Zoopla said.

The Independent UK

First-time buyers ‘seeking smaller homes amid higher rents and mortgage rises’

The property website said first-time buyers are increasingly favouring two-bedroom flats.

Evening Standard

London house prices: Londoners need a salary of nearly £100,000 to buy a two-bedroom home in the capital

Londoners now need to earn an extra £7,300 a year to buy a two-bedroom home compared to 2020

The Guardian - UK

Bidding wars: inside the super-charged fight for rental properties

Facing high demand and low supply, there is often only 48 hours to strike a deal. With some hopefuls paying £50,000 upfront to secure a home

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Evening Standard

Housing market: inner London flat prices have fallen by 24 per cent ‘in real terms’ since 2016

According to new figures from Zoopla, the static average price of London flats represents a significant decline in real terms

The Independent UK

Zoopla finds £14,000 average price reduction on homes sold at a discount

Buyers and sellers are ‘not miles apart’ on pricing, which is helping deals to be agreed, the website said.

Evening Standard

Home buyers target flats over houses in these top London and commuter towns

There has been a jump in demand for flats in London compared to this time a year ago, largely due to a combination of buyers returning to cities and rising rents.

Evening Standard

New year stand-offs and price dips predicted for housing market in 2023

House sales are expected to be lower this year than in 2022 and some sellers may need to readjust their price and selling time expectations.

The Independent UK

Average house price has increased by around £17,500 this year – Zoopla

Affordability and value for money will be key to the housing market outlook for 2023, the property website said.

Evening Standard

A quarter of London homes have had asking price reduced this autumn

Discounts are expected to increase further over the coming months as the housing market adjusts to new mortgage rates.

The Independent UK

Demand for new homes drops by a third as mortgage rates soar

Mortgage rates soared after the mini-Budget, with many lenders pulling products from the market

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