Latest news with #estateagents
Daily Mail
2 days ago
- Business
- Daily Mail
Property asking prices fall AGAIN as Rightmove records worst seasonal dip in more than 20 years
Property asking prices fell by £4,531 on average this month, according to latest figures from Rightmove. It revealed the average price of property coming to the market for sale dropped by 1.2 per cent in July. It means the average newly listed home is now £373,709, down from a record high of £379,517 in May. While there's usually a seasonal dip in prices in July, according to Rightmove, this is the largest monthly price drop at this time of year recorded for more than 20 years of data. As a result, Britain's biggest property portal has cut its price forecasts for the year in half, downgrading its property price predictions for 2025 from 4 per cent growth to just 2 per cent. Dipping: Newly listed asking prices were almost £6,000 lower in July than they were in May A glut of homes on the market is predominantly the cause, according to Rightmove. It says the number of homes for sale remains at a 10 year high with an over-supply keeping a lid on prices, compounded by the start of the traditional summer holiday season. Separate figures from Zoopla showed there were 37 homes for sale per estate agent branch in June on average across the country. That number is up from 31 at the start of 2025 with the number of homes per estate agent rising every month so far this year. It also is a massive increase compared to previous years. For example in June 2023 there was an average of 27 homes for sale per estate agent office while in June 2021 and 2022 there were 18 homes for sale per agent. Rightmove says that pricing is key, and sellers who are over-optimistic on their initial asking price are increasingly at risk of getting lost among the competition. 'What's most important to remember in this market is that the price is key to selling,' said Colleen Babcock, property expert at Rightmove. 'The decade-high level of buyer choice means that discerning buyers can quickly spot when a home looks over-priced compared to the many others that may be available in their area. 'It appears that more new sellers are conscious of this and are responding to this high-supply market with stand-out pricing to entice buyers and get their home sold.' What are asking prices doing in different areas? Beneath the headline national monthly price fall this July, the picture isn't the same across the whole of Great Britain. In the South East, average newly listed asking prices fell by 1.2 per cent this month while in the East Midlands they were flat. London has seen the biggest regional monthly price fall, dropping 1.5 per cent, driven especially by Inner London. Certain parts of London have seen significant falls this month. Newly listed asking prices in Camden were 2.7 per cent lower than in June, while Westminster recorded a 2.9 per cent decline. Asking prices in Hammersmith and Fulham fell 2.5 per cent while in Southwark they dropped 2.7 per cent. Rightmove says April's increase in residential stamp duty in England has had a greater impact in London where property prices are higher, while last year's increase in stamp duty for investment and second homes will also be having an effect. A landlord or second home buyer purchasing a £1million property in the capital can now expect to pay £93,750 in stamp duty. Additionally, changes to non-dom tax rules and uncertainty around future tax changes may be affecting investment into the central London market. Jeremy Leaf, north London estate agent and a former RICS residential chairman, says the figures confirm what 'he's been seeing on the ground' recently. 'Asking prices are not of course values but invariably an owner's aspirational starting point to determine if genuine buyers are attracted,' said Leaf. 'Sales are still being agreed but nearly always with sellers who have recognised the importance of setting a realistic initial figure to differentiate themselves from so much other, often similar, property. 'Otherwise, buyers will take even more time waiting for the 'right' property and perhaps worrying about the possibility of autumn tax rises despite improving affordability – including the likelihood of imminent mortgage rate cuts.' However, while London asking prices fell, there are regions where asking prices rose in July. The North East, which is the least expensive region of the UK, has seen a 1.2 per cent increase in prices this month, continuing the trend of cheaper areas seeing faster price growth. Will prices go up from here? With mortgage rates falling and two more interest rate cuts still expected in 2025, the overall outlook for the second half of the year remains positive, albeit from Rightmove's perspective. For some people, property may seem more affordable than it has done in recent years. The average newly listed asking price for a UK home is now just 0.1 per cent higher than a year ago, while average earnings are up by over 5 per cent. Meanwhile, average two-year fixed mortgage rate is now 4.53 per cent, according to Rightmove, compared with 5.34 per cent at this time last year. For someone purchasing a home at the average asking price, this equates to a saving of nearly £150 per month on a new mortgage over 30 years and with a 20 per cent deposit. Experts at the property portal are expecting the annual rate of growth to increase from its current 0.1 per cent, as they say the number of buyers out house hunting is encouraging. 'It's been a promising first half of the year for activity levels, particularly when you consider that some will have brought their plans forward to try to avoid added stamp duty from April,' added Babcock. 'Even after the stamp duty deadline, we're seeing more sales being agreed and more new potential buyers entering the market than at the same time last year. 'Looking ahead to the second half of 2025, there will still very likely be the usual quieter seasonal periods around the summer holidays and Christmas, but we expect market activity to continue to be resilient. 'Crucially, buyer affordability is heading in the right direction, and another two Bank Rate cuts before 2026 would be a big boost to this.' How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
Zawya
6 days ago
- Business
- Zawya
US tariffs may hit South Africa property agents harder than expected
As the United States considers a 30% tariff on South African goods, the local property industry is bracing for wider economic consequences, and estate agents could be among the first to feel the pressure. Marcel Koole, property commentator and CEO of BestAgent. While the proposed tariffs are aimed at exports like steel, aluminium and agricultural products, the economic ripple effects could filter through to the real estate sector, says Marcel Koole, property commentator and CEO of BestAgent, South Africa's open platform that connects sellers directly with top-performing estate agents. 'Estate agents are directly affected by consumer confidence, affordability and market sentiment,' Koole says. 'When the broader economy comes under pressure, transaction volumes dip, and agents feel the slowdown almost immediately.' He explains that if export-linked sectors lose revenue or cut jobs in response to the tariff, it could stall property activity in affected regions. 'Fewer buyers means fewer mandates, tighter competition among agents, and a drop in commission earnings.' Tariffs could delay market recovery Many agents were hoping for a gradual uptick in market activity as interest rates stabilise, but a new shock, such as a large-scale tariff from a major trading partner, could delay that turnaround. 'Tariffs like this affect the rand, which affects inflation, which then keeps interest rates high,' says Koole. 'We've seen it before, higher rates make it harder for buyers to qualify for home loans, especially first-time buyers, which reduces deal flow.' Regional disparities likely According to Koole, the impact won't be felt evenly. 'Agents in areas like the Western Cape, Eastern Cape, Limpopo and Mpumalanga, where agricultural and export industries are major employers, may find themselves in a tougher environment if local economies take a knock.' He warns that in smaller towns where one industry dominates, a loss of income or jobs in that sector often translates quickly into stalled sales and longer listing periods. 'Agents in those areas will need to diversify their networks and lean into rental markets or distressed property services if sales activity drops.' Time to professionalise and differentiate Koole believes that agents who consistently perform well in volatile conditions are those who have built strong personal brands, operate ethically, and use data to deliver value to clients. 'In tougher markets, sellers become more selective, they don't want a hundred agents listing their home, they want one agent who can prove they've got the skills to close the deal,' he says. 'This is where sole mandates and verified track records become more important.' Advice to agents: stay visible, stay valuable Koole advises estate agents to focus on proactive communication with clients, maintain strong digital profiles, and showcase real results. 'Economic headwinds are beyond any agent's control,' he says, 'but how you respond, by staying informed, educating your clients, and showing your value, can make all the difference.' Conclusion If the US goes ahead with its proposed 30% tariff, the effects could extend well beyond exporters and manufacturers. 'Estate agents are on the frontlines of economic sentiment,' says Koole. 'And while uncertainty can be unsettling, it also creates opportunities for the most adaptable and professional agents to stand out.'
Yahoo
14-07-2025
- Business
- Yahoo
Hundreds of city centre apartments eyed for area slightly bigger than football penalty area
Hundreds of city centre flats could be built on land less than half the size of a football pitch, according to estate agents. A parcel of land just 0.23 acres large is up for sale on Commercial Street, next to some of the city's tallest buildings at Deansgate Square. It is being sold with 'indicative proposals' for an apartment block. But the most eye-catching detail in plans created by architects SimpsonHaugh is how many flats may be squeezed into the quarter-acre site: 200. READ MORE: The 'posh' village where you bump into millionaires and celebrities in the local bakery READ MORE: Major tram disruption with no service between THREE major city centre stops A typical football pitch takes up 1.6 acres of land, which means hundreds of people could live in an area slightly larger than a standard penalty area at 0.16 acres. Never miss a story with the MEN's daily Catch Up newsletter - get it in your inbox by signing up here The 'designs to develop a 200-unit, luxury apartment scheme' will 'reflect the area's rich industrial heritage while offering contemporary, high specification living', with a range of one- and two-bedroom flats with amenities and a rooftop terrace, estate agents CBRE said. The plot, with 'vacant office and residential accommodation', boasts riverside views of the River Medlock nearby, and is just a short walk from the Deansgate railway and Deansgate-Castlefield Metrolink stations, plus a host of bars and restaurants. That makes it an ideal spot for city centre apartments, CBRE added. 'This is a truly exceptional opportunity to deliver luxury living in one of Manchester city centre's most exciting and affluent neighbourhoods,' said Kieran McLaughlin, senior director. 'With its riverside setting, proximity to the best of Manchester's offering, Riverside is perfectly positioned to meet the growing demand for high-quality urban living.' A planning application confirming final details of a scheme has yet to be finalised, meaning development will likely not start for years. But regardless of the final details of the Commercial Street scheme, hundreds more people are set to move into this part of Deansgate. Renaker is currently constructing a 51-storey tower on the other side of the River Medlock with its 494-flat Contour scheme, and has planning permission to build a new 71-storey, 213m tower called Plot D containing 642 apartments, which would overtake Deansgate Square South Tower as Manchester's tallest building.
Bloomberg
09-07-2025
- Business
- Bloomberg
UK Homebuyer Demand Rebounds to a Six-Month High, Index Shows
A closely watched gauge of demand from potential British homeowners climbed to its highest level in six months, a signal that the real estate market is starting to stabilizing from a tax-increase induced slowdown that's weighed on house prices. The Royal Institution of Chartered Surveyors said its index tracking new buyer inquiries rose to +3 in June, indicating the number of estate agents seeing higher demand outnumbered those reporting a drop, figures released Thursday showed. It was the first positive reading since December and a sharp jump from -22 in May.
Irish Times
01-07-2025
- Business
- Irish Times
The ‘emotional toll' of buying a home in Ireland: ‘split' deals and queueing for houses already sold
Buying a house in Ireland feels like fighting a mental war, trying to make a decision when none of the options seem truly right. My husband and I moved here from Brazil three years ago with our infant son, with our daughter arriving shortly afterwards. We have since joined the race to buy a home, like many immigrants and plenty of Irish natives too. At first, I was hopeful. The Help to Buy (HTB) scheme seemed like a much-needed support for first-time buyers, but that hope quickly gave way to frustration as I watched prices soar and floor plans shrink. I lost count of how many emails, phone calls and, most of all, how much energy I poured into conversations with estate agents, desperately trying to secure a place in competitive launch queues. READ MORE On the line, the agent sounded embarrassed as they explained that all the HTB units had already been reserved before the sale As an immigrant without family roots here, I tried to stay open-minded. I broadened my search and considered properties in four counties surrounding Dublin. I viewed homes in Louth, Meath, Wicklow, and Wexford but had to limit the search as the daily commute would be too punishing. I have finally secured a home and am waiting to get the keys, but over the course of my long house-hunting journey, I have come across many worrying proposals. In one case, after four months of back-and-forth with an estate agent about a new development, I received a call just days before the official launch. On the line, the agent sounded embarrassed as they explained that all the HTB units had already been reserved before the sale. In one situation, an estate agent offered me an unofficial deal for a house in Co Wicklow: pay €25,000 in cash, off the books, to secure a property that was still within the HTB scheme. The agent called it a 'split' deal. There was a separate proposal involving a different estate agent and developer in Newtownmountkennedy, Co Wicklow, details of which are reported in The Irish Times today. Here, an agent from Sherry FitzGerald offered me a former show house priced at €525,000, which had been visited by hundreds of potential buyers. I was told the price would be 'split' between the cost of the house - €500,000, which is the maximum price to qualify for the HTB scheme, and an additional €25,000 for the flooring in the 102sq m home. When I queried the cost of the flooring, the agent replied to say: 'We will offer the property to the next person on the list looking for HTB.' Sherry FitzGerald has launched an internal investigation into the matter, and Revenue says it takes 'any attempt to bypass or understate the full value of a property extremely seriously', while declining to comment on individual cases. As an immigrant without family roots here, I tried to stay open-minded. I broadened my search and considered properties in four counties surrounding Dublin But should it really be this hard to buy a house? In the midst of a housing crisis, first-time buyers still have to deal with situations like this. When things that should be simple become so difficult, it is only natural to start questioning the cost, not just the financial one, but the emotional toll as well. Clara Franco is a freelance journalist based in Dublin
