Latest news with #Hamptons
The Independent
a day ago
- Business
- The Independent
The average UK house asking price is falling faster than usual
The average asking price for homes coming to market in Britain fell by over £4,500 (1.2 per cent) in July, marking the largest July price drop in more than two decades, according to Rightmove. Rightmove has revised its house price growth forecast for 2025 downwards from 4 per cent to 2 per cent, citing high seller competition as a key factor. London saw a 1.5 per cent month-on-month fall in asking prices, with inner London experiencing a 2.1 per cent decrease, partly influenced by April's stamp duty increase. Improved buyer affordability, driven by falling mortgage rates (average two-year fixed rate now 4.53 per cent), and anticipated further Bank of England rate cuts are enticing new buyers. Separately, Hamptons downgraded its 2025 rental growth forecast to 1.0 per cent, noting that rents on newly let properties rose by only 0.4% year-on-year in June, as demand shifts from the rental to the sales market.
Bloomberg
2 days ago
- Business
- Bloomberg
Hamptons Lowers Outlook on UK Rental Growth as Home Demand Cools
Rental growth in Britain's housing market this year will be weaker than previously anticipated because of a 'faster-than-expected' softening in demand, according to revised forecasts from Hamptons. The broker lowered its prediction for 2025 rental growth to 1% from the earlier 4.5%, and trimmed expectations for the following two years. The downgrades have been driven by the transfer of demand from the rental sector to the sales market as mortgage rates have fallen, as well as a weakness in the labor market, Hamptons said.
Times
2 days ago
- Business
- Times
London rental growth slows as mortgage rates fall, says Hamptons
Demand for rental homes in Britain is slowing more quickly than economists and letting agents had expected, which means rents will barely grow this year. Hamptons, the estate agency, had anticipated that rents would rise by 4.5 per cent this year, but has now reduced its forecast to 1 per cent. If its estimate proves correct, it would be the smallest annual increase in rents since 2018. Aneisha Beveridge, head of research at Hamptons, which is owned by the Connells Group, said the 'faster-than-expected market slowdown' was due to a combination of falling mortgage rates and the weakening labour market. The number of people looking to rent, which had been tracking well ahead of pre-pandemic levels in recent years, has fallen by 11 per cent compared with last summer and 19 per cent below 2019 levels. 'The rental market has softened more quickly than we anticipated towards the end of last year,' Beveridge said. 'What initially appeared to be a London-centric slowdown has now spread across the country. More affluent renters are becoming first-time buyers, while the economic slowdown is limiting what others can afford.' The average rent on a newly-let property in June was 0.4 per cent higher than in the same month last year, which was the weakest annual rate of rental inflation since August 2020, according to Hamptons. Average rents fell in London, Scotland and Wales. The biggest increase was in the Midlands, where rents were up 3.3 per cent year-on-year, and in the northwest of England, where annual rental inflation was running at 2.8 per cent in June. • What does the Renters' Rights Bill mean for landlords and tenants? The data will be welcomed by the millions of renters around the country who have seen their costs jump over the past five years. Excluding London, the average cost of renting a home in the UK is now £1,133 a month, according to Hamptons, an increase of 39 per cent, or £317, since the start of 2020. Despite the recent slowdown, Beveridge said, 'this isn't the end of the rental growth story'. Although she has pulled back her forecasts slightly, she still expects rents to rise by 3.5 per cent next year, followed by 3 per cent in 2027. 'The structural shortage of rental homes remains unresolved and upcoming regulatory changes, such as the Renters' Rights Bill and new EPC [Energy performance certificate] requirements, are likely to constrain supply further and add to landlords' costs,' she said. 'A slowdown in build-to-rent development this year is also expected to result in fewer new rental homes entering the market in the coming years. These pressures will continue to underpin rental growth over the medium-term, even as the market recalibrates in the short-term.'
Daily Mail
2 days ago
- Daily Mail
EXCLUSIVE New plague 'ruining' the Hamptons this summer... driving locals to despair: 'Never seen anything like it'
Every summer, hoards of New York City dwellers take the three-hour (if you're lucky) trek out east to the farthest region of Long Island known as The Hamptons. The ritzy destination has been a haven for the wealthy New York elite for over 30 years, with its private beaches, luxury restaurants and sprawling mansions.
New York Times
3 days ago
- Business
- New York Times
In The Hunt, Readers Get to Choose Their Dream Home, Too
Times Insider explains who we are and what we do and delivers behind-the-scenes insights into how our journalism comes together. For more than 20 years, the weekly New York Times real estate column known as The Hunt has chronicled New Yorkers' search for a home. Subjects have included college graduates looking for their first rental apartment in the city and a doctor looking to buy a beachfront home in the Hamptons — with a budget of $4 million. What ties them all together: the travails of navigating the cutthroat New York City housing market, where waiting means losing out; remarkable candor about personal finances; and a desire to help other searchers find their own dream homes. 'We strive to feature as many different types of buyers as we can find, whether it's people with a $150,000 budget or a $1.5 million budget,' said Matthew Oshinsky, a senior staff editor on The Times's Real Estate desk, who has edited the column since 2018. The column first appeared in The Times in 2004, but over the past several years, it has undergone a marked evolution under Mr. Oshinsky. In 2019, Vivian Toy, then the editor for Real Estate, asked him to take what had been a straightforward weekly column about New York City and transform it into an interactive quiz that would cover the entire country and, eventually, the world. In an interview, Mr. Oshinsky, who lives in Brooklyn, discussed the process of putting the column together each week, the reader feedback he receives, and takeaways from a piece that followed up with first-time home buyers who had previously been featured. These are edited excerpts from the conversation. Tell me about the reporting process for the column. As soon as we have hunters that have agreed to be featured, a reporter and then a photographer will visit them in their new home. The actual process is pretty straightforward. Sometimes the more difficult thing is confirming that the hunters are comfortable being featured in The New York Times. Sometimes they get cold feet and back out at the last minute. Want all of The Times? Subscribe.
