Government proposes minimum-term tenancies for renters
A new proposal being introduced to parliament will have rental contracts offered with a minimum term of three years, if passed. Introduced by housing secretary James Brokenshire, the plan is a way to offer tenants greater security in a market where less and less have the ability to buy. Special concern is being paid to […]
read more
ONS gives improved figures for first quarter growth
The pound has been given a small boost as the Office for National Statistics came in with a revised estimate of UK economic growth in the first quarter. It appears the nation’s construction output decline may not have been as bad as initially feared, as the ONS now says gross domestic product grew by 0.2% […]
read more
UK house price growth at five-year low for June
Nationwide’s monthly house price index for June shows the UK housing markets growing at the slowest rate since June 2013. Annual growth for June came in at 2%, dropping from 2.4% in May. The figure is the lowest since 1.9% in the aforementioned period five years ago. The organisation expects the market to continue along […]
read more
McCarthy & Stone CEO stepping down amid profit warning
Retirement housebuilder McCarthy & Stone CEO announced he is walking away from the company this year, as the company’s shares fell after it issued a profit warning. Declining reservation rates have lead to a revised profit forecast of between £65 million and £85 million, a drop from the £96 million recorded last year and the […]
read more
Property prices in Scotland surging to record levels
New research is showing significant growth in the Scottish property, increasing at the fastest since 2015. According to a report from The Property Monitor, the nation’s average house price sits at £166,075, a 7 percent increase from January to March – the largest jump since the beginning of 2015. The figure was up around £11,000 […]
read more
Persimmon takes heat over director bonuses
MPs grilled UK housebuilders Persimmon over an executive bonus scheme which has resulted in public outcry. Persimmon board member Marion Sears appeared before parliament to answer questions regarding the scheme, which has been labeled “grossly excessive”. While taking questions from Business, Energy and Industrial Strategy Committee chair Rachel Reeves, Sears initially did not mention almost […]
read moreUK house prices dropping, per Nationwide data
Nationwide Building Society released figures showing a seasonally adjusted drop of 0.2% in house prices in May. Statistics had price growth at 2.6% in April, which was now sitting at 2.4%. The decline comes amid rough economic conditions for UK residents, including tight household budgets and potential interest rate increases. The mortgage lender’s findings showed […]
read more