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The Latest Breaking News on Prime London property: house prices in most expensive areas close to bottoming out

British renters will be hit with 25% price hikes over the next 4 years as landlords pass on spiraling interest rate costs, broker predicts

A cocktail of supply shortage, tougher regulation and rising costs to landlords means more pain for Britain's renters.

Fortune

UK building group Vistry to focus solely on social housing

Streamlining operations will result in some job cuts while investors will receive £1bn over next three years

The Guardian - UK

London planning approvals lowest since 2010 as red tape and interest rates suppress housebuilding

New home applications submitted and granted, as well as construction starts, totalled just 21,918 in the first half of 2023

Evening Standard

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Rents ‘could rise four times as fast as house prices across the years ahead’

Across Britain, rents could rise by 25% over a four-year period, compared with 5.5% growth in house prices, Hamptons predicts.

The Independent UK

Rental vacancy rate plummets to record low as Australia’s housing crisis deepens

Advocates say the crisis will only become even more severe without government intervention

The Guardian - AU

House prices fall at fastest pace since 2009 – and more pain expected

High interest rates and the customary summer slump have been blamed after UK house prices suffered their sharpest annual drop in 14 years.

The Week

Consumer worry about housing costs hits ‘highest recorded level’ – Which?

Which?’s Consumer Insight Tracker found 79% of mortgage owners and 81% of renters are worried about housing costs.

The Independent UK

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Mapped: UK house prices falling at fastest annual rate since 2009

Data from Halifax showed that house prices dropped by 4.6% in August

The Independent UK

Why are house prices falling?

With house prices dropping at the fastest rate since 2009, here is a look at what is behind the latest market trends and what could be on the horizon.

The Independent UK

UK house prices fell in August at fastest annual rate since 2009

Despite dropping by £14,000 over the past year, the average house price remains around £40,000 or 17 per cent above pre-pandemic levels

Evening Standard

UK house prices fell in August at fastest annual rate since 2009, says Halifax

Despite dropping by £14,000 over the past year, the average house price remains around £40,000 or 17% above pre-pandemic levels, the lender said.

The Independent UK

Average London home drops £22k in value as interest rate crisis bites

The average London home has lost nearly £23,000 in value over the past year as the impact of far higher interest rates hit property prices.

Evening Standard

Sadiq Khan urges support for Help to Buy homeowners

The mayor said Help to Buy homeowners are ‘facing growing levels of economic insecurity’

Evening Standard

Building society’s new mortgage aims to get renters back on property ladder

Tenants who have not owned a home in the past three years can borrow up to 100% of a property value to help them back onto the property ladder.

The Independent UK

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The Guardian - UK

UK rents rise faster in deprived areas – and drag more people into poverty

Cost doubles in some poor urban districts, driven in part by mortgage rate rise, UK-wide study shows

Evening Standard

Londoners’ spending on essential bills ‘up by £10,000 in past decade’

Tenants pay an average £18,418 per year, up from £13,270 in 2010

Evening Standard

Property prices falling faster than expected as rate rises hit demand

Mortgage experts warned of a ‘mass exodus’ of London landlords with falling prices

The Independent UK

Sharp drop in UK house prices as rising cost of borrowing hits market

House prices fell 5.3 per cent in August, the biggest annual percentage drop since 2009

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The Guardian - UK

UK house prices fall at fastest rate since 2009, says Nationwide

August 5.3% drop comes as sales completions down by about 40% in first half of year compared with 2021

The Independent UK

House prices fell in August at sharpest annual rate since 2009, says Nationwide

House prices fell by 5.3% annually in August, taking the average property value to £259,153, Nationwide Building Society said.

Evening Standard

House prices fall faster than expected in biggest year-on-year drop since 2009, Nationwide says

Mortgage experts warned of a ‘mass exodus’ of London landlords with falling prices

The Independent UK

Home sales down 16% in July compared to same month last year, says HMRC

Some 86,510 home sales were recorded across the month, according to latest figures.

Evening Standard

Commuter hotspots: new-build homes in market towns within easy reach of London

New rural homes within reach of the city are increasingly popular, with a record number of first-time buyers going beyond the M25

The Guardian - UK

UK mortgage approvals fall to five-month low as rate hikes hit demand

July is traditionally busy month for home buying but surge in interest rates has begun to ‘take its toll’

Evening Standard

Mortgage approvals slump as interest rate hikes take their toll

Latest figures from the Bank of England show there were 49,400 net mortgage approvals last month, down from 54,600 in June.

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