UK Property

Prime Minister Starmer promised to “secure the highest sustained growth among the G7 nations” prior to last year’s general election. However, under the new government, the UK economy continues to struggle to grow. GDP growth was positive in the first half of 2024, but stalled in the second half. The third quarter of 2024 experienced 0.0 percent growth compared to the previous quarter, although it was forecast to be at least around 0.1 percent. The UK’s service sector recorded a 0.1 percent decline, with the financial and insurance sector, which...

A once-booming village in the north of England that fell into decline following the closure of its local mine in the late 80s has houses nearby on sale at auction for as little as £10,000.Horden, in Durham, had been a mining community prior to the closure of Horden Colliery in 1987 and the collapse of the industry.By the 1930s, Horden Colliery had been known as the "jewel in the crown" of the region and was Britain's largest-producing coal mine in Britain.Since the closure the area has struggled economically and suffered...

New research has found Scottish towns are the cheapest in the UK for first-time buyers.Analysis from property website Rightmove also found that a typical monthly mortgage payment on a first-time buyer property is £350 more than five years ago.Scottish towns made up half of the top ten list of lowest-priced areas across the UK for first-time buyers.Kilmarnock in East Ayrshire was the most affordable, with a typical first home costing £84,325.Greenock and Paisley both come in at under £100,000, and East Kilbride and Ayr are just over.Across Scotland, the average...

The Financial Conduct Authority will take a look at simplifying the rules around getting a mortgage in a bid to help people struggling to get on the property ladder14:34, 07 Mar 2025Updated 14:52, 07 Mar 2025FCA chief executive Nikhil Rathi said firms have the flexibility to help more people become homeowners (Image: PA Archive/PA Images)The financial watchdog is gearing up to take "swift action" on making mortgages more accessible, with plans for a discussion about the future of the mortgage market this summer.Come May, the Financial Conduct Authority (FCA) will...

A "delicate balance" was seen in the property market in February, with the average house price dipping by £213 month-on-month, according to an index. Property values fell by 0.1% on a monthly basis, taking the average house price in February to £298,602.Steady annual house price growth was maintained at 2.9%, consistent with what was recorded in January. Amanda Bryden, Halifax's head of mortgages, said: "February's figures highlight the delicate balance within the UK housing market. While there's been talk of a last-minute rush on new mortgages ahead of the changes...

Stay informed with free updatesSimply sign up to the UK house prices myFT Digest -- delivered directly to your inbox.UK house prices unexpectedly dipped in February, as an uptick in property sales driven by a tax holiday came to an end, according to mortgage lender Halifax.The average UK house price fell 0.1 per cent from January to £298,602, Halifax said. On an annual basis, the average price rose at a rate of 2.9 per cent, the same rate as January.The price changes were below forecasts. Economists polled by Reuters had...

The company said that "supportive" property market trends in the early months of this year would support a rise in revenue of between 8% and 10% compared with 202412:52, 28 Feb 2025Updated 12:53, 28 Feb 2025Average revenue per advertiser, a closely-watched indicator for Rightmove, rose 6% (Image: PA Wire/PA Images)Rightmove has predicted a revenue growth of up to 10% this year, as lower mortgage rates due to rate cuts attract more potential homebuyers to its website.The company noted "supportive" property market trends in the early months of this year, with...

House sales are taking more than three months to complete once an offer has been accepted, according to analysis by property buying website OneDome.The research looked at almost 200,000 property listings over the course of 2024 and found that property transactions took an average of 108 days to complete.However, in some parts of the country, buyers are finding they are having to wait for an agonising five months.Buyers in the capital typically face the slowest completion times.The north London borough of Islington was found to be the slowest market in the...

Earlier this year, The Holme, a 40-bedroom Georgian property in Regent’s Park that was listed for £250mn in March 2023, finally sold for £138.9mn. After almost two years of failing to attract buyers, it had achieved a price cut of more than £111mn. Sure, this is an extreme example of overvaluing at the very top end of the super-prime market, but it paints a picture of how overvaluations are out of control across the property landscape and how they not only put off buyers but stall certain segments of the real estate...

Half of UK farms could go out of business by 2035 due to proposed changes to inheritance tax (IHT), as farmers grapple with the financial burden of the so-called “Family Farm Tax”. That’s according to the findings of a survey, commissioned by Ashbridge Partners and involving 2,000 British farmers. It reveals that 39% of farms will be unsustainable within the next five years, with 56% expecting to close by 2035. See also: Inheritance tax in the spotlight at FW Question Time The changes to agricultural property relief, set to take...