House prices are rising at their fastest rate in more than six years and have climbed 8.9% year on year, adding to worries about the property boom as the Bank of England governor became the latest senior figure to express concern.
Mark Carney warned on Sunday that the housing market posed the biggest risk to Britain's economic recovery as a shortage of new homes drives up prices.
The Land Registry is headed towards privatisation, in a move which will give private firms a say in the granting of land rights, according to leaked minutes from a meeting of its board members.
Former executives from the body, which registers the ownership of land and property in England and Wales, say that a sell-off "beggars belief" because it will allow the private sector to adjudicate on what can be conflicting interests between sellers, buyers, lenders and neighbours.
The recent recovery in the property market has seen demand for homes soar and a return of “gazumping” – where a seller accepts an offer but later reneges on the deal in favour of a higher bid.
London is experiencing “the biggest house price bubble ever”.
This was the headline in the Evening Standard after the Land Registry said house prices in the capital were up 13.8% in a year.
The average London house has gone up in value by just over £50,000 in a year. The Standard said this compared with the average salary in London at £36,781.
Average prices rise by £6,073 – largest annual increase since September 2010 and showing no negative response to independence debate.
Donald MacLellan, Chairman of Walker Fraser Steele Chartered Surveyors, part of LSL Property Services, comments:
“The enthusiasm of property investors suggests the Independence debate is having no impact on confidence within the Scottish housing market. Scottish prices are up £1,680 in January...
The "furore" in the UK housing market is dying down because a recent surge in demand is "gradually exhausting itself", according to surveyors.
The increase in would-be buyers was at its lowest point in almost a year during February, the Royal Institution of Chartered Surveyors (RICS) said.
It was not an especially desirable two-bedroom flat in Oxford, said a local estate agent, that went on the market in January this year and sold for £210,000. But just a few weeks later, after a mild refresh, it went back on the market – and was soon snapped up for £249,000. Oxford is in the grip of a property price boom that has made it the least affordable city to live in within the UK when compared to local wages, according to Lloyds bank.
Large numbers of mortgage lenders and brokers are predicting part of the government's Help to Buy scheme will be withdrawn early because it is artificially inflating house prices, according to an industry survey.
Research by the Intermediary Mortgage Lenders Association (Imla), a group made up of banks and building societies that offer loans through brokers, found growing concerns that rising house prices could cause the chancellor to pull the plug on the part of the scheme that guarantees 95% home loans before the end of its planned three-year term.
Home affordability in UK cities has improved in 51 of 62 cities in the last five years, according to the Lloyds Bank Affordable Cities Review.
The average price for a city home in the UK stands at £184,215 - 5.8 times gross annual average earnings, down from 6.1 in 2009 and just under 20% below the peak of 7.2 in 2008.
The BPF has issued a press release highlighting their new report that reveals that overseas buyers accounted for 15% of new homes purchases in London in 2013.
The report, which was commissioned by the BPF and carried out by Molior London, also explains how the economic climate of the last four/five years has directly influenced investment in the London property market.
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