We bring you the latest trends in the UK’s housing market, with a detailed focus on East Dulwich.
Availability of homes to buy was at its lowest March level since records began in 2002 according to NAEA Propertymark. Low supply continues to fuel house price growth. Average prices across the UK rose by 5.8% in the 12 months to February, according to the ONS. Prices are rising across all regions but most strongly in the East, by 10.3% in the last year.
Interest rates were kept on hold in May at their historic low of 0.25% with just one of the eight members of the Bank’s monetary committee voting to raise them. There is some indication, however, that a rise may come sooner than expected should inflation continue to overshoot its target.
In the latest RICS survey, surveyors report that sales levels declined in April, affected by the calling of the General Election and continued impact of stamp duty changes, particularly for the higher priced properties. Some uncertainty in the run up to the Election is to be expected and some agents feel that the Election is actually having less of an effect than it has in previous years.
Higher inflation is starting to affect consumer spending. UK mortgage approvals fell in March 2017 to their lowest level for 6 months. The number of loans approved in March was 4.7% lower than a year earlier, as reported by the Bank of England.
The overhang of the buy-to-let surge in the first three months of 2016 has lead to more choice and slower annual increases in rents, according to Rightmove. They report that there were 12% more properties available to rent in Q1 2017 compared to 2016, resulting in annual price growth of just 1.8%, less than half the annual growth of 3.9% recorded over the same period a year ago.