- The average house price hit another?record high in August?– as it has done in seven out of the eight months so far this year –?reaching ￡294,260. The annual growth rate in August, 11.5%, was slightly less than July, at 11.8%. According to?Halifax, an average UK house will cost you ￡294,260 today. That’s a massive ￡30,000 climb in a year!
- UK?inflation?reached new heights in?July 2022. It increased to?10.1%, the highest ever since 1982. The price of housing and utilities rose faster, a crushing 20% vs 19% in June. The cost of living crisis and higher interest rates have impacted home-buyer demand. And we’re the least bit surprised.
- In numbers: new buyer enquiries showed a negative reading of -39%. That’s the most significant dip since the COVID-19 pandemic, and the fourth consecutive month of negative reading, reports the?Royal Institute of Chartered Surveyors (RICS).
- On the other hand, people are looking for energy-efficient homes. Legal & General Mortgage Club?finds?a 34% spike in searches that consider a property’s energy performance certificate. A conscious step towards going green? Or another outcome of the cost of living crisis? We need more data to answer those questions. But, it’s a trend that we should all welcome, and follow.
- Mortgage rates are at a record-high level too, according to?Freddie Mac. Although they seem to hit the break during the summer, they sit at a?crazy 5.9% on a 30-year frame, the highest ever since 2008 – that was during The Great Recession.
- The?London rent crisis?continues to make headlines. Also, tears! The?average London rent rose to ￡2,257 per month?– a record high for any city in the UK.
- The average property in London now costs ￡554,718.?￡45K more?than it was exactly a year ago!
- New builds don’t follow the norm though; even if they are offered at an average of ￡458,452, they sell for ￡64,000 less, reports Unlatch. Why? Negotiation!
- Right then – with reduced?home-buyer demand and rent prices becoming unaffordable each sour morning – what can one do to find shelter? The elderly, specifically those over 50, seem to find shelter with flat-sharing.
- SpareRoom?reports a 239% rise in house sharing in the 55-64 age group since 2011.
- The current housing market is unstable – an agreeable statement. But it is cooling down, believe both HSBC and Hamptons with similar, interesting insights into next year.
- HSCB predicted a 20% fall by autumn next year. The forecast proved to be bearish, as house-builders’ shares fell sharply.
- Hamptons expects an end to this too:?Greater London prices will stop growing, however prime central London will achieve a 1.5% growth in 2023. Both will recover in 2024 (see figure). Rent growth is forecasted at 6% this year followed by 5% in 2023.
The Newham Council has announced plans to empower its most deprived areas by creating smart?15-minute neighbourhoods.
This project is delightful news to Newham’s residents. Here are some of the facilities that await almost 175,000 residents:
- Grocery shops
- Childcare
- Schools
- Medical facilities
- Public recreational spaces
- Frequent & affordable public transport.
“The 15-minute concept links to our community wealth-building agenda, which focuses on supporting communities to create wealth and retain more of the benefits of economic growth emerging locally”, a Newham council spokesperson said.
Are you interested to know more about this project? Check out their?delivery plan.
The OPEN HOUSE FESTIVAL, ?a "two week celebration of London's housing, architecture and neighbourhoods" has now started and will be offering guided tours and events until September the 21st. It is a unique opportunity to see London afresh and learn history through its architecture, houses and communities. Kudos to
Open City
and
Open House London Ltd
for organising!
Want to learn more about Adjoin Homes and how you can benefit? Join our waiting list now https://www.adjoinhomes.com/register/
