Bellway one of UK’s largest home builders has announced that it has completed the sale of more than 10,000 homes for the first time in its history.

In their latest trading update for the year ending July 31 2018 ahead of its preliminary results announcement on October 16, the housebuilder said that during its financial year it completed the sale of 10,307 new homes, up 6.9% on 2017.

The proportion of private completions increased to 80% of the total (2017 – 78%). The overall average selling price of homes rose around 9.4% to what Bellway said was a new high of £284,900.

Even with news of developers selling record number of properties 86% of housebuilders believe construction of 250,000 additional homes a year is the maximum achievable amount by 2022, falling short of the government’s 300,000 target, according to a survey by Knight Frank. Just 1% of respondents, which include more than 100 developers that account for almost three quarters of all newly-built homes across the country each year, think surpassing 300,000 additional homes each year is possible by 2022.

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The latest data from HomeLet has shown that the average monthly rent in the UK now stands at £937 a month after a 1.3% rise during July.

In the capital, average rents increased by 3.3% during July this year compared to July 2017; the average monthly rent in the capital now stands at £1,615 a month.

Rents rose in 8 of the 12 UK regions covered in the research

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The ONS has revealed average house prices in the UK increased by 3.0% in the year to June 2018

Key Findings

• There has been a slowdown in the south and east of England.
• The lowest annual growth was in London, where prices decreased by 0.7% over the year, down from -0.2% in June
• West Midlands showed the highest annual growth, with prices increasing by 5.8% in the year to June 2018.
• East Midlands with growth of 4.1%.

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Latest data from RICS has shown that, during 22% rise in respondents seeing a fall rather than rise in New Landlord Instructions.

According to the data, this is the eighth consecutive quarter in which this indicator has recorded a negative number.

In regards to the sales market price balance edged up from +3% to +4% in July,

Simon Rubinsohn, RICS Chief Economist “Our survey suggests that recent Government policy and legislation changes have impeded the growth of the Private Rented Sector (PRS), which is a vital part of a functioning homes market. Withdrawing tax breaks that small landlords relied on, placing an extra 3% on second home Stamp Duty, and failing to stimulate the corporate build to rent market, has understandably impacted supply.

While the current focus is rightly on using regulation to improve the experience for tenants, Government must urgently look again at the PRS as a whole, including ways to encourage good landlords. Ultimately, Government must consider the impact of its policies, and if the wish is to move away from PRS, it must provide a suitable alternative. If they wish to improve PRS, as we have suggested by professionalising through regulation and the PRS code, there is justification to reconsider the approach taken to tax.”

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The latest data from Halifax has revealed that average house price rising to hit a new record of £230,280.

Russell Galley, Managing Director, Halifax, said: “House prices picked up in July, with the annual rate of growth rising from 1.8% in June to 3.3% in July, the largest increase since last November. The average house price is now £230,280, the highest on record. House prices in the three months to July were 1.3% higher than in the previous quarter, the fastest quarterly increase, again, since November.

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The latest data from Nationwide has shown house average price of a home in the UK now standing at £217,000.

Robert Gardner, Nationwide’s Chief Economist, said: “There was a slight uptick in annual house price growth in July to 2.5%, from 2.0% in June. Nonetheless, annual house price growth remains within the fairly narrow range of c2-3% which has prevailed over the past 12 months, suggesting little change in the balance between demand and supply in the market.

Looking further ahead, much will depend on how broader economic conditions evolve, especially in the labour market, but also with respect to interest rates. Subdued economic activity and ongoing pressure on household budgets is likely to continue to exert a modest drag on housing market activity and house price growth this year, though borrowing costs are likely to remain low. Overall, we continue to expect house prices to rise by around 1% over the course of 2018.          

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In line with our expectations at the start of the year, the UK housing market saw modest, yet stable growth in Q2. London however performed much better than expected, even if the amount of property on estate agents’ books remained at close to historic lows. We have also seen a general lack of properties available to rent, which has underpinned rental returns.

While much has been made in the press of the drop in property prices in London, very little has been said about the fundamental lack of stock, which will continue to underpin the housing market. While house builders report that they are running at maximum capacity, more than 86% say they will be unable to meet the government’s required target of 300,000 new homes each year by 2022.

This chronic lack of supply along with the strength of the jobs market and continued low interest rates will continue to support the housing market and provide impetus for growth.

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There are some exciting new off plan releases scheduled for August / September which our clients will have priority access to. These are first phase releases in some prime investment areas. Below are our picks for 2 of the best central London and UK sites coming soon.

City of London

This is one of the most unique, central London developments where the energetic, eclectic East meets the traditional, prestigious West. Delivering an inspiring new neighbourhood to the heart of London and built on the foundations of a global British icon, the development will bring new life to the historic flagship site of the Royal Mail postal serv-ice. Sitting across two postcodes, WC1 and EC1, and surrounded by Far-ringdon, Clerkenwell, King’s Cross and Chancery Lane, the development is at the epicentre of the leading creative, technology and knowledge industries and will be a symbol of connectivity.

West Central 1, the first phase of this iconic development will comprise of one, two and three bed apartments designed by acclaimed interior architects Conran + Partners. Residents will benefit from a gym, 24-hour concierge service, private lounge, rooftop terrace and a beauti-fully landscaped courtyard.

Birmingham – City Centre

An exciting new development brings luxury living to Birmingham. Right in the heart of the city, discover the benefits of high quality apartments and canal-side living.

The latest addition to the area, the development is just moments from major transport connections at Snow Hill, New Street and the forthcoming High Speed 2 terminal. Close to Birmingham’s fantastic array of shops and restaurants, each apartment also benefits from an exclusive 24-hour concierge service and residents-only facilities, including a gym, sauna, steam room, cinema and lounge.

Featuring 3 stunning landscaped podium gardens set beside a revitalised waterway, this development is going to be redefining urban living in the UK’s second city.

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The latest data from the government’s official house price index for May has shown that average house prices in the UK increased by 3.0% in the year to May 2018. The average UK house price was £226,000 in May 2018. This is £6,000 higher than in May 2017.

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House prices rose for the second month running in June, adding £745 to the value of an average property, according to Halifax. The new figures are also broadly in line with that of its main rival. Nationwide Building Society said prices rose by 0.5% in June, and that annual price growth was running at 2%.

The latest data and analysis from Halifax has also revealed that house prices in the three months to July increased by 3.3% against the same period a year earlier with their figures indicating that house prices rose to hit a new record of £230,280.

Halifax revealed that on a monthly basis, prices rose by 1.4% in July, while in the latest quarter (May-July) prices were 1.3% higher than in the preceding three months (February-April 2018)

According to Land Registry data as of April 2018 the average house price in the UK is £226,906, and the index stands at 119.01. Property prices have risen by 1.2% compared to the previous month, and risen by 3.9% compared to the previous year.

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