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Zawya
a day ago
- Business
- Zawya
Asking prices for UK homes drop but July sales hit 5-year high, Rightmove says
LONDON: Asking prices for newly advertised British houses and apartments fell in the four weeks to mid-August but the drop was less notable than in the previous two months and sales in July were their highest for the time of year since 2020, a survey showed. Property website Rightmove said on Monday prices for homes put on sale between July 13 and August 9 dropped by 1.3% from the previous four weeks, in line with the normal mid-summer fall in prices. Asking prices had shown unusually big declines for the time of year in the previous two four-week periods. In annual terms, prices were up by 0.3%, Rightmove said. Colleen Babcock, Rightmove's property expert, said sellers were competing more on price. The number of sales agreed in July was the highest for the month since 2020 when demand for bigger homes was unleashed by the COVID-19 pandemic and government tax breaks. However, the number of available homes for sale again grew by more than the increase in sales during July, keeping the volume of homes for sale at a decade high. A third of homes on sale were cut in price while on the market, the second-highest proportion for the time of year in data going back to 2012. Babcock said this month's interest rate cut by the Bank of England - its fifth since August 2024 - was unlikely to push down mortgage costs much further but could encourage buyers. Two-year fixed-rate mortgage rates have fallen to 4.49% from 5.17% a year ago. Last week, the Royal Institution of Chartered Surveyors said Britain's housing market recovery lost steam at the fastest pace in a year in July and some buyers were worried about possible tax increases in finance minister Rachel Reeves' next budget.
Yahoo
19-06-2025
- Business
- Yahoo
Million-pound property hotspots revealed as one in 20 homes ‘priced in bracket'
Around one in every 20 homes for sale in Britain is now priced at £1 million-plus, according to a property website. Rightmove said the number of homes for sale at a seven-figure price point has doubled in the past six years. It recorded a 103% increase in homes at this price point between January and April 2025, compared with the same period in 2019. Just over 5% of homes for sale across Britain are now priced at a million pounds or more, compared with just under 3% in 2019, Rightmove said. In London commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers, and Waverley, around one in every five homes for sale now have a million-pound price tag. Cornwall has seen the biggest surge in the number of £1 million-plus properties on the market for sale compared with before the coronavirus pandemic, according to the website. Many seaside locations saw a 'race for space' among home buyers during the pandemic. But London still has the biggest concentration of million-pound homes for sale, with Westminster, Kensington and Chelsea and Wandsworth topping the list. Colleen Babcock, a property expert at Rightmove, said: 'The surge in million-pound homes for sale across Great Britain is substantial. 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5% of the market now priced at a million pounds or more. 'This isn't just happening in London; places like Cornwall, Uttlesford, and Somerset are also seeing big jumps in the number of high-value properties. 'Mole Valley is a standout, with 22% of its homes for sale now in the million-pound bracket.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Here are the areas with the biggest increase in the volume of million-pound properties for sale, according to Rightmove, comparing January to April 2025 with the same period in 2019: 1. Cornwall, South West, 246% 2. Uttlesford, East of England, 233% 3. Somerset, South West, 226% 4. North Yorkshire, Yorkshire and the Humber, 210% 5. Wealden, South East, 201% 6. Wiltshire, South West, 193% =7. Test Valley, South East, 188% =7. Chelmsford, South East, 188% 9. Tunbridge Wells, South East, 183% 10. East Hampshire, South East, 177% Here are the areas with the biggest increases in the proportion of million-pound properties for sale, according to Rightmove, with the proportion for sale at this level in the 2025 period compared with 2019: 1. Mole Valley, South East, 22%, 10% 2. Waverley, South East, 22%, 11% 3. Windsor and Maidenhead, South East, 23%, 13% =4. St Albans, East of England, 18%, 9% =4. Richmond upon Thames, London, 33%, 24% =6. Tunbridge Wells, South East, 15%, 7% =6. Elmbridge, South East, 33%, 25% =6. Cotswold, South West, 14%, 6% =6. Three Rivers, East of England, 21%, 13% =6. Buckinghamshire, South East, 16%, 8% And here are the areas with the biggest concentrations of million-pound homes, according to Rightmove: 1. Westminster, London 2. Kensington and Chelsea, London 3. Wandsworth, London 4. Buckinghamshire, South East 5. Camden, London 6. Hammersmith and Fulham, London 7. Barnet, London 8. Richmond upon Thames, London 9. Elmbridge, South East 10. Lambeth, London Error in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
19-06-2025
- Business
- Yahoo
Million-pound property hotspots revealed as one in 20 homes ‘priced in bracket'
Around one in every 20 homes for sale in Britain is now priced at £1 million-plus, according to a property website. Rightmove said the number of homes for sale at a seven-figure price point has doubled in the past six years. It recorded a 103% increase in homes at this price point between January and April 2025, compared with the same period in 2019. Just over 5% of homes for sale across Britain are now priced at a million pounds or more, compared with just under 3% in 2019, Rightmove said. In London commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers, and Waverley, around one in every five homes for sale now have a million-pound price tag. Cornwall has seen the biggest surge in the number of £1 million-plus properties on the market for sale compared with before the coronavirus pandemic, according to the website. Many seaside locations saw a 'race for space' among home buyers during the pandemic. But London still has the biggest concentration of million-pound homes for sale, with Westminster, Kensington and Chelsea and Wandsworth topping the list. Colleen Babcock, a property expert at Rightmove, said: 'The surge in million-pound homes for sale across Great Britain is substantial. 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5% of the market now priced at a million pounds or more. 'This isn't just happening in London; places like Cornwall, Uttlesford, and Somerset are also seeing big jumps in the number of high-value properties. 'Mole Valley is a standout, with 22% of its homes for sale now in the million-pound bracket.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Here are the areas with the biggest increase in the volume of million-pound properties for sale, according to Rightmove, comparing January to April 2025 with the same period in 2019: 1. Cornwall, South West, 246% 2. Uttlesford, East of England, 233% 3. Somerset, South West, 226% 4. North Yorkshire, Yorkshire and the Humber, 210% 5. Wealden, South East, 201% 6. Wiltshire, South West, 193% =7. Test Valley, South East, 188% =7. Chelmsford, South East, 188% 9. Tunbridge Wells, South East, 183% 10. East Hampshire, South East, 177% Here are the areas with the biggest increases in the proportion of million-pound properties for sale, according to Rightmove, with the proportion for sale at this level in the 2025 period compared with 2019: 1. Mole Valley, South East, 22%, 10% 2. Waverley, South East, 22%, 11% 3. Windsor and Maidenhead, South East, 23%, 13% =4. St Albans, East of England, 18%, 9% =4. Richmond upon Thames, London, 33%, 24% =6. Tunbridge Wells, South East, 15%, 7% =6. Elmbridge, South East, 33%, 25% =6. Cotswold, South West, 14%, 6% =6. Three Rivers, East of England, 21%, 13% =6. Buckinghamshire, South East, 16%, 8% And here are the areas with the biggest concentrations of million-pound homes, according to Rightmove: 1. Westminster, London 2. Kensington and Chelsea, London 3. Wandsworth, London 4. Buckinghamshire, South East 5. Camden, London 6. Hammersmith and Fulham, London 7. Barnet, London 8. Richmond upon Thames, London 9. Elmbridge, South East 10. Lambeth, London
The Independent
18-06-2025
- Business
- The Independent
Million-pound property hotspots revealed as one in 20 homes ‘priced in bracket'
Around one in every 20 homes for sale in Britain is now priced at £1 million-plus, according to a property website. Rightmove said the number of homes for sale at a seven-figure price point has doubled in the past six years. It recorded a 103% increase in homes at this price point between January and April 2025, compared with the same period in 2019. Just over 5% of homes for sale across Britain are now priced at a million pounds or more, compared with just under 3% in 2019, Rightmove said. In London commuter belt locations such as St Albans, Windsor and Maidenhead, Three Rivers, and Waverley, around one in every five homes for sale now have a million-pound price tag. Cornwall has seen the biggest surge in the number of £1 million-plus properties on the market for sale compared with before the coronavirus pandemic, according to the website. Many seaside locations saw a 'race for space' among home buyers during the pandemic. But London still has the biggest concentration of million-pound homes for sale, with Westminster, Kensington and Chelsea and Wandsworth topping the list. Colleen Babcock, a property expert at Rightmove, said: 'The surge in million-pound homes for sale across Great Britain is substantial. 'Since 2019, we've seen the number of million-pound homes for sale double, with over 5% of the market now priced at a million pounds or more. 'This isn't just happening in London; places like Cornwall, Uttlesford, and Somerset are also seeing big jumps in the number of high-value properties. 'Mole Valley is a standout, with 22% of its homes for sale now in the million-pound bracket.' Local areas included in Rightmove's research were those with at least 10 or more homes for sale during the time periods analysed. Here are the areas with the biggest increase in the volume of million-pound properties for sale, according to Rightmove, comparing January to April 2025 with the same period in 2019: 1. Cornwall, South West, 246% 2. Uttlesford, East of England, 233% 3. Somerset, South West, 226% 4. North Yorkshire, Yorkshire and the Humber, 210% 5. Wealden, South East, 201% 6. Wiltshire, South West, 193% =7. Test Valley, South East, 188% =7. Chelmsford, South East, 188% 9. Tunbridge Wells, South East, 183% 10. East Hampshire, South East, 177% Here are the areas with the biggest increases in the proportion of million-pound properties for sale, according to Rightmove, with the proportion for sale at this level in the 2025 period compared with 2019: 1. Mole Valley, South East, 22%, 10% 2. Waverley, South East, 22%, 11% 3. Windsor and Maidenhead, South East, 23%, 13% =4. St Albans, East of England, 18%, 9% =4. Richmond upon Thames, London, 33%, 24% =6. Tunbridge Wells, South East, 15%, 7% =6. Elmbridge, South East, 33%, 25% =6. Cotswold, South West, 14%, 6% =6. Three Rivers, East of England, 21%, 13% =6. Buckinghamshire, South East, 16%, 8% And here are the areas with the biggest concentrations of million-pound homes, according to Rightmove: 1. Westminster, London 2. Kensington and Chelsea, London 3. Wandsworth, London 4. Buckinghamshire, South East 5. Camden, London 6. Hammersmith and Fulham, London 7. Barnet, London 8. Richmond upon Thames, London 9. Elmbridge, South East 10. Lambeth, London
The Independent
15-06-2025
- Business
- The Independent
Average UK house price drops by £1,277 in June after record highs
Average house prices have dipped after record highs in April and May, according to a property website, Rightmove. Across Britain in June, the average price tag on a home coming to market has fallen by £1,277, or 0.3 per cent month-on-month, to £378,240. Rightmove described the price dip as 'unusual' for June, comparing it with an average increase in June of 0.4 per cent over the past decade. However, the decrease follows stronger-than-expected price growth in April and May and appears to be in part a delayed response to increased stamp duty costs for some buyers from April, which applies in England and Northern Ireland, the report said. A decade-high level of buyer choice was also said to be putting downward pressure on prices. Rightmove said that more competitive pricing is helping sales activity, with May seeing the strongest month of sales agreed since March 2022. Some segments of the property market are performing more strongly in terms of pricing than others, driven by buyer affordability and supply levels – and with more new sellers still coming into the market than new buyers, pricing realistically remains key for a successful sale – the website added. Colleen Babcock, a property expert at Rightmove, said 'agents have been telling us that sellers need to set a competitive price to have a better chance of finding a buyer in the current market, and it looks like many are listening and responding to that message. 'Such realistic pricing will remain key in the coming months. 'Underneath the headline figures, we can see regional variations in price changes this month, which appear closely linked to buyer affordability and supply levels.' Buyers in parts of southern England have been disproportionately affected by April's stamp duty changes, and some sellers may be adjusting their prices downwards to account for this, Rightmove said. 'It's an encouraging market for those looking to buy, with a very good choice of homes for sale, which also means they have good negotiating power,' she said. 'Some buyers with a home to sell in the current high-supply market may achieve a lower price on their own sale, but could look to offset that by negotiating a comparable discount on their purchase. 'The fact that sales are being agreed not only at a good level, but at the strongest level since March 2022, is a really positive sign that many are getting their sales tactics right. 'Rightmove's analysis shows that homes which are marketed as effectively as possible and priced right at the start of marketing will get the all-important early interest that vastly increases the likelihood of finding a buyer.' Josephine Ashby, managing partner of John Bray Estates in Rock, Cornwall, said that the 'combination of a rare abundance of high-quality properties at much reduced guide prices in the prime coastal areas is resulting in the tide finally turning in a positive way'. 'The sunny weather and Cornwall looking at its very best inevitably help. 'The established and prime locations are still winning, especially at the top end of the market, giving buyers the confidence to purchase in those areas.' The report was released as a separate index, from property firm Hamptons, indicated that 17 per cent fewer tenants were registering in lettings branches across Britain in May compared with a year earlier. Demand is cooling as more tenants become homeowners and weaker demand has reduced rental price growth, Hamptons said. Across Britain, the average rent for a newly let property rose by 1.5 per cent in the 12 months to May 2025, reaching £1,366 per month. In May 2024, average rents were increasing by 5.1 per cent annually. Aneisha Beveridge, head of research at Hamptons, said: 'In a similar trend to the years following the last economic downturn, falling interest rates have reduced the pace of rental growth. 'Landlords rolling off short-term fixed-rate mortgages are now seeing their monthly payments fall, reducing the need to pass on further costs to tenants. 'At the same time, lower mortgage rates are changing the arithmetic for tenants who are thinking about buying.' Ms Beveridge added: 'It has taken the best part of two years for the pace of rental growth to fall from double digits down to 1.5%. 'This means that rents are now rising at a rate that's close to their long-term average, and suggests that the era of rapid rental growth is behind us for now. 'That said, rental growth is unlikely to cool much further.' The Hamptons Lettings Index uses data from the Connells Group to track changes to the cost of renting. It is based on rental prices achieved rather than advertised rents.
