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Housing boom is nationwide: House prices boomed at record rates across the U.K. in the year to July, according to official data released, despite separate and more recent figures showing growth rates levelling off.
Crest Nicholson warns of skills shortage in the building industry: Crest Nicholson has warned the body responsible for training in construction that it needs to do more to encourage builders back into the industry as the sector faces up to a crippling skills shortage.
Getting a foot on the property ladder in London now requires an average salary of £51,500, reports The Daily Telegraph. Citing new figures released from the Office For National Statistics, the Telegraph adds that the average price of a London home has exceeded the £500,000 limit for the first time ever, with the average value of a home in the capital rising by 19.1% compared to 2013.
UK house prices rose by 11.7% in July, with London seeing the highest growth, the Office for National Statistics said on Tuesday. The results follow a 10.2% increase in housing prices in the year to June and represent the fastest rate of increase for seven years. Forecasts predicted slower growth at 10.6%. The annual house prices in London increased by 19.1% and 12.2% in the South East. Excluding these two regions, UK house prices increased by 7.9% year-on-year to July. Chris Willamson from Markit said: “The housing market will remain something of a concern to the Bank of England, where a further marked jump in prices on a year ago will add to worries that the property market poses a key risk to financial stability, and that macro-prudential tools may be insufficient to cool the housing market without an accompanying rate hike.” Meanwhile, Howard Archer from HIS Global Insight said house price growth looks “unlikely to fall away”. The analyst also said he expects house prices to increase by 2% by the end of 2014 and 6% in 2015.
Housebuilder Crest Nicholson has, like its peers, seen a "slight moderation" in sales rates over the last few months but still enjoued a strong third quarter and was fundamentally upbeat on the sector's outlook. "Strong purchaser demand for new homes continues to underpin a buoyant housing market," said chief executive Stephen Stone.
Offers this week for estate agents Chestertons: Potential buyers will put in offers for one of the U.K.’s oldest estate agents, Chestertons, this week, after it hung up a £50 million “for sale” sign earlier this summer.
Cain Hoy and Sager lead £400 million Islington Square development: The U.S. private investment firm looking to buy Tottenham Hotspur is revealing another push into the London market with a £400 million development in Islington.
UK Rightmove house price index rose in September The Rightmove house price index climbed 0.9% on a MoM basis in the UK, in September. The Rightmove house price index had dropped 2.9% in the prior month. UK construction output rose less than expected in July Construction output advanced 2.6% on an annual basis in July, in the UK, compared to a rise of 5.3% in the earlier month. Market anticipations were for construction output to rise 3.2%.
House sales up again with flood of new buyers: The housing market resurged again in July, defying expectations that activity was slowing down, industry figures revealed. Gulf between London and the rest of the U.K. at 20-year high: House prices in London and the south east have soared so fast that the gap with the rest of the country is at the highest level since 1995, LSL Property Services said.
Number of £1 million homes sold in London ‘to rise by almost half in five years’: The number of homes sold in London for £1 million or more will go up by almost half by 2018 as house prices and prosperity soar in the capital, an estate agency has said.
Barratt Developments says U.K. housing market to return to normal: Barratt Developments has become the latest housebuilder to warn that the U.K. housing market has returned to “normal” levels of activity as the developer launched a plan to return £950 million in cash to shareholders.
Boom in UK housing market eases London starts to slow while the rest of the country strengthens, according to the Royal Institute of Chartered Surveyors
U.K. housebuilders: feeling the chill: On house prices, there has been plenty to get the nerves going. Last week top-end builder Berkeley said that the market had reverted to “normal” transaction levels, from last year’s high point. On Monday, Halifax data showed that house price growth slowed from 1.2% in July to 0.1% in August. Shares in the largest seven builders have underperformed the FTSE All-share over six months; last week Barratt lost its place in the FTSE 100. For some of the builders, this is a green light for rapid growth. Numis estimates that Bellway, Bovis and Redrow will roughly double their annual volumes between 2012 and 2020. But the investment required crimps dividends – the yields of the three average just 1.3%, according to Deutsche Bank. Taylor Wimpey and Persimmon, the two largest builders by market capitalisation, offer something for those with a nervous disposition. Volume growth will be more restrained, but cash returns will be higher. Taylor Wimpey plans to return about £200 million per year to shareholders on top of regular dividends; Persimmon has a more detailed scheme to return £1.9 billion over eight years. That provides some welcome comfort, given that house prices are about as predictable as the weather and football.
Berkeley Director walks out after management clash: The finance Director of a leading housebuilder has resigned unexpectedly after management differences, forgoing a potential £75 million pay-off.
the bloke was either bent or totally rubbish. Bad news either way, imo, even if it's only my rubbish guesswork.
seen! Not even a "thanks"! Buying oppotunity today, I suspect.
North-focused housebuilder Redrow lifted profits 91% in the year to end-June and was bullish about the forthcoming 12 months after strong increases to its land bank and order book. Profit before tax rose 91% to £132m, with the government's Help to Buy supporting 35% of completions.
The disposal of a portfolio of the Group's ground rent assets for £99.8 million, which completed on 17th June 2014, has contributed to a strong operating cash inflow over the period. The Group currently expects to remain ungeared following the dividend payment of 90 pence per share (£121.7 million) on 26 September 2014. A further 180 pence per share is payable as dividends in order to meet the first milestone of paying 434 pence per share by September 2015. The Board has previously indicated that it will aim to make regular dividend distributions where conditions permit and is on track to meet this commitment. Looking to the next milestone of 433 pence per share in September 2018, the Board intends to meet a proportion of this through regular dividend payments, where market conditions permit.
Good solid interim statement "A further 180 pence per share is payable as dividends in order to meet the first milestone of paying 434 pence per share by September 2015. The Board has previously indicated that it will aim to make regular dividend distributions where conditions permit and is on track to meet this commitment. Looking to the next milestone of 433 pence per share in September 2018, the Board intends to meet a proportion of this through regular dividend payments, where market conditions permit." http://www.investegate.co.uk/berkeley-grp-hlds--bkg-/rns/interim-management-statement/201409010700154304Q/
UK house prices rose more than expected in August The seasonally adjusted house prices in the UK registered a rise of 0.8% in August on a monthly basis, higher than market expectations for an advance of 0.1%. In the earlier month, house prices had registered a revised rise of 0.2%.
Demand for rental properties across the UK grows by 18pc on an annual basis amid shrinking supply, report finds
Property prices soar in London's Square Mile: Residential property prices in the Square Mile are soaring, rising 71% since the last housing market crash as domestic and overseas buyers clamber to own a home in the heart of the capital.
Letting agents raise rents to get around ban on fees: Scottish estate agents are blaming the country’s ban on tenancy fees for a recent rise in rents, indicating that the Labour party may face a similar challenge if it brings in the same rule for the U.K. after 2015.
Estate agent Savills expects average UK house prices to rise by a whopping 25.7 per cent over the next five years, up from its original forecast of 25.2 per cent. For 2014 alone, Savills has raised its original forecast for house price growth from 6.5 per cent to 9.5 per cent. The biggest change is in London, where Savills has revised its original forecast from 8.5 per cent to 15 per cent for 2014. Over the next five years, Savills expects London house prices to grow 24.4 per cent. The South East, South West and East of England are all forecast to show double-digit growth in 2014. Notably, all three regions are expected to show stronger growth over five years than London, as a flow of buyers continues leave the capital for more affordable housing. House prices in the South East are tipped to grow 31.6 per cent, while the South West is expected to grow by 29.9 per cent between 2014 and 2018. The East of England is forecast to grow 31.1 per cent during that time. Savills UK head of residential research Lucian Cook says: “House price growth in the mainstream market has been underpinned by record low interest rates, rising loan-to-income lending and pent up demand from buyers re-entering the market as the economy and consumer sentiment have improved. “But these extraordinary rates of house price growth cannot continue in the current, more regulated mortgage environment, particularly in the face of likely interest rate rises.” Data from the Office for National Statistics released last week showed the rate of UK house price inflation slowed slightly in June although prices were still up 10.2 per cent on an annual basis.
U.K.’s property millionaires set to hit 500,000: Almost 500,000 homeowners in the U.K. are now part of the so-called property millionaires club after an explosion in the number of houses valued over £1 million during the past year.