Summary of house price news from the last week
25th November 2016
With the Autumn statement this week we could have over loaded with house price news related to that. instead we have a selection of stories from other other house price related news over the last week.
Higher Interest Rates and Less Demand in Property in 2017?
AOL Money are reporting on the potential increase in inflation over the next year which could result in an increase in interest rates by the bank of England. This in turn could result in higher mortgage costs and less demand in property. The article was produced by Motley Fool for AOL.
House owners refuse to report crime as it may affect property prices
The Independent are reporting that 1 in 10 adults witness or have been involved in a crime but are reluctant to report it. They fear it may impact the value of their house as the crime will increase local crime stats. They estimate that half of buyers now check crime stats as part of the buying process and 24 million people refuse to move into high crime areas.
Homes and Property have written about the effect of house price growth on first time buyers. The average starter home has increased by £15,000 in the last year, an 8.2% rise. The average of a first-time buyer is now 33.
House Price gap in Rural and Urban Scotland narrows
The BBC is reporting that the price gap between owning a home in the Scottish countryside and a home in towns and cities have narrowed. Homes on average are £17,231 more expensive in the Scottish countryside than urban areas compared to £24,228 five years ago.
Property Investor today are reporting that Scottish property prices have hit a post-Brexit high. Average prices have gone past the £170,000 mark for the first time since the vote to leave the EU.
Sales drought over after Brexit vote?
The week have reported that a housing sales drought may be over. October saw a 1% increase in housing sales compared to September. There was a 4% drop between August and September.
London says goodbye to people in their thirties.
House prices in London are helping to fuel the exodus of people in their 30s according to an article by the Financial Times. This pattern has increased rapidly over the last 5 years.