NAEA Propertymark has revealed that, during March, the number of houses available to buy fell to the lowest level ever recorded.

Mark Hayward, Chief Executive, NAEA Propertymark said: “Despite the fact that activity in the housing market increased in March, the levels of supply and demand recorded aren’t where we would expect them to be at this time of year. It’s clear buyers and sellers are still feeling cautious and holding off on making any decisions in light of the current political climate and economic uncertainty. However, recent house price data indicates we might see confidence in the market grow as house prices slowly begin to return to previous levels and we edge closer to the summer months.”

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Savills latest findings has shown that for the government to meet the target for 300,000 homes a year target it will only be able to do so if funding for affordable housing is increased.

Kate Henderson, ceo of the National Housing Federation, said: “Without government investment in affordable housing, it just won’t be possible to build enough homes to ensure that everyone can have somewhere stable and affordable to live.”

Emily Williams, associate director for residential research at Savills, commented: “Private sector housebuilding for market sale has underpinned the rapid expansion in housing supply since 2013, including affordable housing delivery through Section 106.

But that growth is slowing against market headwinds. Increased grant funding would widen the range of tenures being built, accelerating the speed of market absorption and therefore the build out of sites.”

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Land Registry has revealed that average house prices in the UK saw a 0.6% increase in the year to February.

Key Findings

• The average house price in England increased by 0.4%
• Wales increased by 4.1%
• Northern Ireland house prices increased by 5.5%
• London prices fell by 3.8% over the year
• South East prices fell by 1.8%.
• The North West showed the highest annual growth, with prices increasing by 4.0%,
• West Midlands at 2.9%.

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RICS latest reported has surveyors suggesting the lack of momentum in the property market will continue with political uncertainty.

Key Findings

• Demand for housing remained negative for the eighth successive month in March.
• The slowdown is no longer localised with falls in demand of some extent now being seen across all parts of the UK.
• 15% more respondents anticipate house prices will be higher in twelve months’ time, the strongest reading since August 2018.
• Prices are also expected to return to growth across most areas over the coming twelve months
• London and the South East are the only areas where it is expected that prices will continue falling over the year ahead.

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Zoopla latest data has releveled what are the most searched for rental locations in the capital.

Key Findings

1^st E14 Canary Wharf

2^nd The ‘W2’ postcode district, which encompasses Paddington and Bayswater.

3^rd The South Bank, Bankside, Bermondsey & Waterloo (SE1)

For larger properties to rent there was a strong preference for London’s outer zones, with eight of the ten most popular areas for searches on three and four bedroom houses located in the South West and North West of London.

Annabel Dixon, spokesperson for Zoopla, comments: “It’s perhaps no surprise that Canary Wharf and the Isle of Dogs has been highlighted as a popular choice for London renters. This area has long been associated with gleaming office towers, but it is now buzzing with new restaurants, bars, shops and homes, transforming it into a sought-after destination to live as well as work. Renters searching for larger family homes in the capital showed a clear preference for the suburbs, with Colindale, Hendon and Kingsbury the most searched locations for three and four bedroom houses. These areas are ideal for young families looking for space to grow, with leafy surroundings and several well-regarded schools nearby”.

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Halifax data has shown that, during Q1, prices were 3.2% higher than in the same three months of 2018.

Russell Galley, managing director at Halifax, said: “The average UK house price is now £233,181 following a 1.6% monthly fall in March. This reduction partly corrects the significant growth seen last month and again demonstrates the risk in focusing too heavily on short-term, volatile measures. Industry-wide figures show that the number of mortgages being approved remains around 40% below pre-financial crisis levels, and we know that lower levels of activity can lead to bigger price movements.

The more stable measure of annual house price growth rose slightly to 3.2% and is still within our expectation for the year. The need to build up a deposit before getting a mortgage is still a challenge for many looking to buy a property. However, the combined effect of fewer houses for sale and fewer people looking to buy continues to support prices in the long-term.

These conflicting challenges, when combined with the ongoing uncertainty around Brexit, have had an impact across the country but most notably in London, meaning that we continue to expect subdued price growth for the time being.”

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ARLA Propertymark latest analysis has shown that the number of tenants experiencing rent increases rose to the highest figure since August – compounded by an increasing number of landlords exiting the market.
Key Findings
• 34% of agents witnessed landlords raising their rents during February compared to 26% in January
• Year-on-year, this figure is up 14%, from 20% in February 2018.
• The number of tenants successfully negotiating rent reductions fell to 2.3%, from 2.5% in January.
• In February, the number of landlords exiting the market rose to four per branch, after falling to three in January. This is up from three last February.
• Demand from prospective tenants fell in February falling to 65 on average, compared to 73 in January.
• Properties managed per branch remained at 197 in February, with no new properties coming onto the market.
David Cox, ARLA Propertymark Chief Executive, said: “According to data from the Office for National Statistics, private rent costs rose by one per cent in the year to February, and our data shows that the number of tenants successfully negotiating rent reductions fell. We warned this would happen, as landlords continue exiting the market and increasing legislation deters new ones from entering. The Chancellor’s Spring Statement included a number of initiatives aimed at growing housing stock for buyers, but it didn’t offer any solutions to increase the supply of properties in the private rented sector.
Unless the Government commits to making the prospect of investing in the PRS more attractive, and introduces measures to increase supply, tenants will only continue to feel the burn.”

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The latest UK House Price Index has shown that, in the year to January 2019, average house prices in the UK increased by 1.7

Other Key Findings

• ONS found that over the past two and a half years, there has been a slowdown in UK house price growth, driven mainly by falling prices in the south and east of England.
• The lowest annual growth was in London, where prices fell by 1.6% over the year to January 2019
• East of England where prices fell 0.2% over the year.
• The average UK house price was £228,000 in January 2019. This is £4,000 higher than the same period a year ago (January 2018).

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RICS has revealed a steady slow down across the UK housing market, with new buyer enquiries, agreed sales and instructions all falling.

Key Findings

• This is the sixth consecutive month all three have fallen together.
• 77% of respondents to their latest survey cited Brexit uncertainty as a factor in holding back activity in the market.
• The twelve-month outlook has remained generally positive in the hope that greater clarity will emerge after March 29.
• Buyer demand fell for the seventh consecutive month in February as 41% more respondents reported a fall in the number of new buyer enquiries,
• Volume of agreed sales also slipped, with the indicator now having displayed a flat or negative trend since March 2016.
• As the lack of stock, in addition to Brexit, appears to be holding back buyer demand, 29% of contributors reported a decline in new instructions being listed over the month.

Simon Rubinsohn, RICS Chief Economist, said: “Although activity in the housing market continues to be weighted down by the lack of available stock, changes in the tax regime affecting property, and affordability; feedback to the latest RICS survey makes it pretty clear that the ongoing uncertainty around how Brexit will play out is the critical factor influencing both buyers and sellers. And with little sign that the issue will be resolved anytime soon, it could prove to be a challenging spring for the housing market and the wider economy.

It is clear from professionals working in the market that this environment requires a greater degree of realism from those looking to move. A reluctance from some vendors to acknowledge the shift in the balance of power in the market will compound the difficulty in executing transactions.”

Hew Edgar, RICS Head of Policy (Interim), said: “It is clear from recent month’s survey results that the wearisome state of British politics that has arisen from Brexit – particularly in the last six months – continues to take their toll on UK housing. Taking Brexit out the equation, there are clear issues that need to be tackled such as supply; a disputable SDLT framework; and a faltering PRS system. All of which have been overshadowed, and have therefore not received the much needed parliamentary discussion and debate.

UK Parliamentarians must recognise that the prolonged uncertainty without effort to address separate key issues in the UK, is damaging confidence in the housing sector, and we share the resounding sentiment of frustration from our professionals.”

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Halifax has revealed that the average UK house price now standing at £236,800

Other Key Findings

• January saw 101,170 home sales, which, as for December, was very close to the 5 year average of 101,291.
• January home sales were 2% above the previous 12 month average.

Russell Galley, Managing Director, Halifax, said: “House prices have grown on an annual, quarterly and monthly basis for the first time since October 2018, taking the average house price to £236,800.

The shortage of houses for sale will certainly be playing a role in supporting prices. House price growth is now at 1.8%, an increase from the 0.6% fall last month, and back at the rate we saw from July to September 2018. Annual house price growth at 2.8%, is within our expectations, but is fairly subdued compared to 2015 and 2016, when the average growth rate was 8.3%.

People are still facing challenges in raising a deposit which means we continue to expect subdued price growth for the time being. However, the number of sales in January was right on the five year average and, at over 100,000 for the fifth consecutive month, the overall resilience of the market is still evident”

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