Latest news with #homesales
Bloomberg
12 hours ago
- Business
- Bloomberg
UK Home Sales Hit Three-Year High, Defying Slowdown Fears
Britain's property market saw its busiest month in over three years in May, defying expectations for a slowdown after a tax break for buyers expired. Property website Rightmove said home sales were up 6% year-on-year last month, which is one of the most active for home buying. It was the strongest May for sales in four years and the best for any month since March 2022.
CTV News
13 hours ago
- Business
- CTV News
‘Now's the time to move,' London's housing market remains sluggish, but local realtors expect movement soon
Inventory of homes for sale in the London region continues to grow. (Gerry Dewan/CTV News London) The Bank of Canada's decision to hold the prime lending rate at 2.65% is seen as an encouraging move for the housing market. Economic uncertainty continues to chill the housing market in the London region, but market watchers say the bank of Canada's decision to hold the line on the prime lending rate could help thaw things out. According to the London and St. Thomas Association of Realtors (LSTAR), home sales were down significantly in May compared to the same month last year. LSTAR chair Dale Marsh said having back-to-back provincial and federal elections to start the year didn't steady help an already uneasy market. 'That creates additional nervousness, all right. So, we're down about 17 per cent in the number of sales this year compared to this time last year,' said Marsh. Marsh told CTV News that there are positive signs, with the number of listings continuing to grow. Listings were up 24 per cent year-over-year, with inventory at a four-and-a-half-month supply. Marsh feels people are coming to terms with the economic environment. 'There's also pent-up demand from buyers that, at some point, they're going to get used to the government talks and the tariffs and eventually say, 'Okay, now's the time to move. We have to do it at some point.'' 060425 - Housing market Leadership with LSTAR believe home buyers will start to gain confidence. (Gerry Dewan/CTV News London) What hasn't moved in the London market is the price of homes, staying steady in this region despite the economic turmoil. The average home price, just over $656,432, up 1.4 per cent year-over-year. Mike Hattim is a mortgage broker with Dominion Lending Centres. He believes that may be the result of an overheated market during the COVID years. 'I think that's the biggest struggle for people is that they've spent so much on their homes years before that now they don't have enough room to drop the prices,' he said. Hattim said government measures to counter US tariffs and promote economic growth domestically could instill some confidence. He believes the Bank of Canada's decision to hold rates at 2.75 per cent may give the housing market a boost but feels another cut may be needed. He's already seeing sellers taking a bit of a haircut in an effort move property. 'I know one person right now that's going to lose about $150,000 on their home. They spent quite a bit of money when they bought it and they're desperate, they had purchased another home, and they didn't have much of a choice. Now, thankfully, that loss is mostly equity that they would have wanted to take out.' Hattim added, 'They were still had enough to cover their mortgage but, unfortunately, they're losing money. And I think that's going to be the case for a lot of people.' Marsh said the London region is still seeing unprecedented population growth and attracting significant new business ventures, like the Volkswagen PowerCo EV battery plant in St. Thomas. He expects the market will adjust and continue to be an attractive option, 'The London St. Thomas area is actually a cheaper market than, say, Kitchener, about half the price of GTA, right. So, a lot of people will drive from those areas and come this way because it's a lot more affordable.' Marsh is anticipating that home sales could start to ramp up through the summer and expects a strong market in the fall.
CTV News
13 hours ago
- Business
- CTV News
Last month shows slight market rebound in local real estate figures
In May, 722 homes were sold locally as opposed to 650 in April, according to the London and St. Thomas Realtors Association. Still, the numbers are down by more than 15 per percent compared to May 2024. The average home was $656,000, up by more than a percentage point.
CTV News
20 hours ago
- Business
- CTV News
Average home sales price drops in Windsor-Essex: WECAR
For sale sign in Windsor, Ont., on Tuesday, June 1, 2021. (Melanie Borrelli / CTV Windsor) Another drop in the average sales price for a home in Windsor-Essex. The Windsor-Essex County Association of Realtors (WECAR) is out with its monthly stats and says the average price in May was $556,855. That's a 2.7 per cent drop compared to May 2024, and a drop compared to the average price the month prior. The average price for a home in April was $579,910. According to the monthly stats, 491 properties were sold in May 2025 compared to 464 from last May. WECAR says there were 1,378 new listing in the region last month - a 9.8 per cent increase in listings from May 2024. The association says 154 properties sold in the price range of $420,000 to $549,999 and another 106 properties sold in the price range between $550,000 and $699,999. ~ By Meagan Delaurier, AM800 News.
Daily Mail
27-05-2025
- Business
- Daily Mail
Housing market sees busiest May in four years as buyers ignore stamp duty rise
The property market has seen its busiest May in four years, according to analysis from Zoopla. It said there has been a surge in sales this month as buyers returned to the market despite the end of stamp duty reliefs. The number of sales agreed in May is running at its fastest rate in four years since the pandemic boom of 2021, according to the property portal. This is likely in part due to an increased number of properties for sale, with 13 per cent more homes on the market than a year ago. Mortgage rates have also been falling since April while a number of lenders have changed their mortgage affordability rules allowing customers to borrow more than they could previously. Zoopla estimates that borrowers can afford to borrow 20 per cent more than earlier this year, which is supporting the growth in sales. Richard Donnell, executive director at Zoopla said: 'More homes for sale means more buyers looking to move home. 'This, coupled with more attractive mortgage deals and changes to how lenders assess affordability, is supporting an increase in the number of sales being agreed.' However, while more sales are happening, prices are largely static compared to last year and sellers are typically accepting offers under asking price. House prices are up 1.6 per cent over the past year on average when looking at the UK as a whole, according to Zoopla. It says homes are also currently selling for an average of £16,000 below asking price. However, Zoopla also reiterated the housing market is behaving very differently in the North compared to the South. The increased number of homes for sale in southern England is significantly boosting buyer choice and, in turn, keeping price growth in check. There are 21 per cent more homes for sale in the South West compared to this time last year, with 17 per cent more in London and 15 per cent more in the South East, resulting in slower growth. This, along with affordability constraints, explains why house price growth is less than 1 per cent across all regions of southern England, from 0.5 per cent in the South East to 0.9 per cent in the South West. In contrast, there are just 3 per cent more homes for sale in the North West and 5 per cent more in Scotland than a year ago. Lower availability of homes for sale, better affordability and faster growth in sales explain why house prices are 3 per cent higher across the North West and 2.9 per cent higher in Scotland, with above-average price rises recorded across northern England and Northern Ireland. 'There are more sales and stronger house price increases in northern regions of England and Scotland, where homes are more affordable,' added Donnell. 'In southern regions of England, affordability continues to weigh on price inflation and the number of sales being agreed. 'Sellers and buyers need to adopt different tactics based on where they live across the UK; however, all sellers need to keep their feet on the ground and be realistic on pricing expectations. 'We expect sales to keep rising over the second half of the year, with UK home values on track to be 2 per cent higher by the end of the year.' Southern glut: There are 21 per cent more homes for sale in the South West compared to this time last year, with 17 per cent more in London and 15 per cent more in the South East Zoopla's analysis chimes with exclusive data shared with This is Money last week by the estate agent Hamptons. Its analysis of Land Registry data showed that some property hotspots in the Midlands and the North have recorded double-digit house price growth in the last year, far outpacing their southern counterparts. The local area that saw the biggest price spike was Blackburn with Darwen in Lancashire. The average home there has risen by a whopping 14.4 per cent year-on-year, going from £138,290 in 2024 to £158,170 at the start of this year, representing a £20,000 increase. Interestingly, Zoopla also revealed Blackburn to be its fastest moving house price hotspot, albeit at a more modest 5.8 per cent year-on-year. Martin Bennett, owner of Crown Estates and Lettings Agents in Blackburn, said: 'Business is booming in Blackburn, with increased demand for properties both at the lower and top end of the market. 'This is being reflected in house prices, with an entry-level property in Blackburn having an average asking price of approximately £75,000 compared to approximately £50,000 two years ago. 'From my experience, properties that are priced correctly are going under offer within two weeks of being listed, while it's not uncommon to have 10 plus potential buyers on the first day of viewings.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and 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.
