Bank of England cuts interest rate to 0.1%
"The Bank of England has cut the interest rate to 0.1% and injected £200m into the economy through bond purchases."
"This is the second cut the Bank’s Monetary Policy Committee has made via an emergency meeting in two weeks, after it slashed the rate from 0.75% to 0.25% last week."
"A Monetary Policy Committee statement said: “The spread of COVID-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary."
First-time buyer numbers hit 12-year high
"First-time buyer numbers hit a 12-year high in 2019, with an estimated 353,436 people purchasing their first property during the year".
"They accounted for 51% of all home purchases made with a mortgage during the year, compared with just 38% in 2008".
"But first-time buyer numbers were broadly unchanged from 2018, suggesting affordability constraints may be a growing issue".
September 2019 Price Paid Data
"In September 2019:
the most expensive residential property sold in September was in Kensington and Chelsea for £17,000,000
the cheapest residential property sold in September was in Sunderland for £16,000
the most expensive commercial sale taking place in September 2019 was in Didcot for £32,750,000
the cheapest commercial sale in September 2019 was in Salford for £100
there was a 2.9% increase in newbuilds compared to September 2018"
Government announces planning law proposals and infrastructure investment
"Property owners are to be given the chance to make their properties bigger by up to two storeys in a bid to make planning laws less bureaucratic and outdated, while more money is to be committed to infrastructure, it has been announced."
Rise In Homemovers For The First Time In Three Years
"The number of people moving home has risen in the first half of 2019, despite deposits remaining at record highs."
"The research by Lloyds Bank found that there were 160,540 homemovers in the first half of 2019, up by 810 (1%) compared with the same period in 2018. The number of first-time buyers increased at a slightly higher rate of 5% to 173,790 in the first half of 2019."
June 2019 Price Paid Data
"In June 2019:
the most expensive property sold was in Kensington and Chelsea for £25,975,000
the cheapest properties sold were in Burnley, Bishop Auckland, Ferryhill and Sunderland for £20,000
the most expensive commercial sale was in Liverpool for £45,427,079
the cheapest commercial sales were in Barking, Harlow and Kensington and Chelsea for £100
there was a 25.4% increase in newbuilds compared to June 2018"
Regulation of Property Agents?
"Today, Thursday 18 July 2019, the Ministry for Housing, Communities and Local Government (MHCLG) released a report on the recommendations of the Regulation of Property Agents Working Group (RoPA) proposing a new regulatory framework to cover estate agents across the UK and letting and managing agents in England only".