The market trends are seeing growth bouncing between 2 and 3 per cent
London looks like the sick man of the UK on paper over five quarters but the capital is in more of a holding pattern than stuck in a rut. Prices in the capital have corrected but sheer weight of numbers means price tags don’t have to sink far to pick up renewed interest. The market is playing pinball nationally between annual growth of 2 and 3 per cent.
We are expecting to be coasting into December, with annual growth still coming in at double the Nationwide’s prediction for the year, but ‘wait and see’ could still be the order of the day come January and that could severely dampen confidence.
There was a mixed reaction to the Prime Minister’s plans to tax foreign property buyers
As a finance and property specialist of 30 years with a business background and no interest in politics, I would like to see the UK be the leading nation that it has been. It will only happen when the decision makers act with their knowledge of the business world.
I agree that a lot of great business comes from outside the UK, which should be encouraged. The thing to fix is the massive misuse and abuse of public funds, i.e. in the NHS, the cost of drugs and the cash in hand never-declared world we know goes on.
Let real business grow with honesty, fairness and concern, and fair wages do their part for everyone.
Michael D J Donnelly
So, when the housing market is already struggling and the government cannot provide enough housing, let us put the brakes on again and stop the foreign buyers.
They have hit the buy-to-let investors so first-time buyers just can’t get the deposit together [for a mortgage], and made it hard for pensioners to use their pension fund to buy property by the higher level of SDLT and more. The jury is out as such until the Budget but we need a focused government, with a long-term committed and focused housing minister.
By the government’s own admission, there are not enough homes – taxing people more will just make them pull away even more when we don’t need them to. I am seriously so disillusioned with this bunch of clowns but I cannot think of an alternative either.
The Nationwide House Price Index found that prices were ‘steady’ in September, but whether this was a positive or not was debated
House price growth is limiting aspiring homeowners’ ability to take the first step onto the property ladder. This continued – albeit at a slower rate than previous quarters. Aspiring homeowners find themselves barred from affordable mortgage rates with high-street lenders because of circumstances beyond their control, such as a divorce or illness.
As an industry, we need to ensure that aspiring homeowners are made aware of the options available to them and that they have access to the appropriate resources.