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The Latest Breaking News from Lucian Cook

Record £217bn spent by UK households on housing costs in 2024, study suggests

Housing costs were estimated by Savills to have been £8.6 billion higher last year than a previous peak in 2016, when adjusted for inflation.

The Independent UK

UK households spent a record £217 billion on housing costs in 2024

Housing costs were estimated by Savills to have been £8.6 billion higher last year than a previous peak in 2016

Evening Standard

‘Much-needed confidence boost’ for home buyers as mortgage rates fall

The typical borrower on a tracker deal will see their monthly payments decrease by £28.98 following Thursday’s base rate cut.

The Independent UK

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Why property experts are predicting 2025 will be a ‘buyer’s market’ with sales boom

First-time buyer activity could be ‘front-loaded’ in 2025 and increasing numbers of mortgaged owner-occupiers may return to the market, experts said.

The Independent UK

'Buyer’s market’ predicted for next year with higher negotiating power and more house sales

First-time buyer activity could be ‘front-loaded’ in 2025 and increasing numbers of mortgaged owner-occupiers may return to the market

Evening Standard

Property values fall in prime central London amid post-Budget caution for wealthy buyers

The PCL market has dipped as wealthy buyers digest the implications of the Budget

Evening Standard

Average house price forecast to be £84,000 higher in five years’ time

Reduced monthly mortgage costs are now feeding through into improved confidence, property firm Savills said.

Evening Standard

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The great mortgage gamble: Is now the right time to buy a home — or should you wait for a rate reduction?

With mortgage market volatility and interest rates still high, many would-be buyers are facing the same dilemma — is now the right time to buy? The experts assess the options

Evening Standard

Study shows how far the average house price stretches across Britain

From studio flats to five-bedroom houses, Savills looked at how much space the average house price of £340,837 could buy in different locations.

The Independent UK

Savills says UK house prices will rise this year in U-turn on earlier forecast

Lower mortgage rates prompt property firm to change its outlook from 3% drop to a 2.5% increase

The Guardian - UK

Surge in homes coming on the London market recorded in run-up to Easter holidays

The recent increase in activity is a ‘positive sign’, Rightmove said.

Evening Standard

London's £1 million property: number of homes commanding seven-figure price tags shrinks as house prices fall

There were 12,280 houses — and their owners — ejected from the £1 million home crew in 2023

Evening Standard

Squeeze on home buyers’ budgets set to continue into 2024, say experts

But potential cuts to interest rates, as well as lower house prices in some locations, could provide house hunters with new opportunities.

The Independent UK

Five-year house price forecast: how much could your London house be worth by 2028?

An average house in London could be worth over £70k more in five years time, but prices have further to fall first says Savills

Evening Standard

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The Independent UK

Average house price predicted to be £45,000 higher by 2028

The expectation of a gradual reduction in interest rates suggests a progressive restoration of buying power and recovery in demand, Savills said.

Evening Standard

One year since the mini-Budget: meet the Londoners caught out by ‘astronomical’ rent rises and mortgage mayhem

A year after the mini-budget and with another interest rate rise looming, we hear from Londoners coping with the stress of spiralling costs

The Independent UK

‘Very real risk’ that landlords could exit housing sector amid mortgage squeeze

Concerns have been raised about the impact of rising mortgage costs on landlords and renters.

The Independent UK

Spring bounce as home-buyer mortgage approvals rise in March

Some experts said the increase in mortgage approvals for house purchase is a sign of the housing market being more resilient than previously thought.

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Evening Standard

Baby Boomers now own more than three quarters of nation’s property wealth

New statistics lay bare the huge generation wealth gap in London and how it has increased over the past decade

Evening Standard

London property forecast: capital predicted to be global ‘megacity’ with house prices 12 times incomes by 2037

With house prices expected to reach 12 times annual salaries, the capital is set to become one of the least affordable cities in the world

The Guardian - UK

Value of UK housing stock hit record £8.7tn in 2022

Annual rise of £425bn smaller than in previous two years, says Savills as it predicts fall in house prices in 2023

The Independent UK

Net UK housing wealth ‘exceeded £7 trillion for the first time last year’

The growth in house prices over the past three years has added considerably to homeowners’ ‘paper wealth’, Savills said.

The Independent UK

Weakest January for house sales recorded since 2015

Across the UK an estimated 96,650 house sales took place in January 2023, which was the weakest start for eight years.

Evening Standard

Property millionaires club grows as another 10,000 London homes receive seven-figure valuations last year

Research shows almost one in 10 London homes are now worth £1 million or more, but the number of new property millionaires is growing fastest in other parts of the UK

Evening Standard

Property market forecast: as the cost of mortgages overtakes renting, should you buy a London home in 2023?

House prices may be falling but it is now cheaper to rent than to buy in the capital for the first time in 13 years. So should you jump in, or steer clear of a market in turmoil?

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