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☆ Sentiment improving in UK housing market: Knight Frank
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSentiment improving in UK housing market: Knight FrankU.K. property sales will improve over the next six months amid falling inflation and speculation over rate cuts from the Bank of England, says Tom Bill, head of U.K. residential research at Knight Frank.

Persons: Knight Frank, Tom Bill Organizations: Bank of England

☆ Bank of England hikes interest rates to 5%, stoking fears of a ‘mortgage bomb’
▼ + stars: | 2023-06-22 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

London CNN —The Bank of England raised interest rates by half a percentage point Thursday, after data this week revealed surprisingly stubborn inflation. Many mortgage holders due to refinance their loans this year and next bought their homes when interest rates were much lower and mortgage rates were closer to 1% or 2%. Capital Economics is forecasting a 12% decline in house prices between their August 2022 peak and 2024. If interest rates must stay higher for longer to tame inflation, house prices could fall more sharply. “If mortgage rates were to stay at 6% for several years, a house price fall of 25% would be likely,” Wishart said.

Persons: we’ve, Andrew Bailey, ”, Jake Berry, Rishi Sunak, ” Simon Pittaway, Tom Bill, Knight Frank, Bill, Banks, ” Bill, “, There’s, Andrew Wishart, ” Wishart Organizations: London CNN —, Bank of England, ” Bank of England, ” Financial, “, Institute for Fiscal Studies, UK Finance, CNN, Savings, Capital Economics Locations: United Kingdom, United States, Europe, —

☆ London's priciest townhouse just listed for $74 million. Here's what's hidden beneath it
▼ + stars: | 2023-04-03 | by ( Ray Parisi | ) www.cnbc.com time to read: +9 min

Will PryceOne of the most expensive townhouses in London listed Monday for 60 million pounds (about $74 million). The home's subterranean level includes a swimming pool that spans 39 feet and a pool deck furnished with daybeds. Below the townhouse residences are subterranean parking spots that eliminate the need for on-street parking. Here's a closer look around — and under — London's newest $74 million listing, which is being sold fully furnished. This can be achieved on a subterranean level because the rear garden is one level below street grade.

☆ UK house prices post sharpest fall since 2012
▼ + stars: | 2023-03-01 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —UK house prices last month saw their biggest annual decline since November 2012, in the latest indication of the lasting pain that former Prime Minister Liz Truss’s ill-fated “mini” budget inflicted on Britain’s property market. The average price of a house fell 1.1% to £257,406 ($310,000) in February compared with a year earlier, taking UK house price growth into negative territory for the first time since June 2020, lender Nationwide said Wednesday. House prices have now declined for six months in a row and are 3.7% below their August 2022 peak, according to Nationwide’s index based on purchases involving a mortgage. “The economy has largely moved on from the mini budget, but the hangover for the UK housing market is more prolonged. Mortgage rates have started to fall but recent stronger-than-expected UK economic data could lead the Bank of England to keep interest rates higher for longer, causing the downward drift in mortgage rates to “stall,” he told CNN.

☆ A house price slump is coming. Rising unemployment could make it much worse
▼ + stars: | 2022-11-23 | by ( Hanna Ziady | ) edition.cnn.com time to read: +10 min

Brendon O'Hagan/Bloomberg/Getty ImagesNew Zealand is at the sharp end of a global housing market squeeze that has grim ramifications for the world economy. “In an ideal world, you’ll get a bit of froth blown off the top [of house prices] and everything is fine. “A decisive increase in unemployment is a very big danger for housing markets,” said Slater of Oxford Economics. Qilai Shen/Bloomberg/Getty ImagesA drag on the economyMost market watchers are not expecting a repeat of the 2008 housing market crash. But even a modest a fall in house prices will knock confidence, causing homeowners to cut back on spending.

Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December, a £27,000 increase on the previous year’s high. UK mortgage rates have been ticking upwards since spring, in line with rising interest rates. UK house prices fell 0.9% between September and October, the first decline in 15 months, according to data from Nationwide. A drop in buying power makes a significant drop in house prices inevitable, according to Andrew Wishart, a senior economist at Capital Economics. When house prices fall, homeowners feel less confident about their personal finances, causing them to cut back on spending and hold off on making additional investments.

☆ Bono Is Still Trying to Figure Out U2 and Himself
▼ + stars: | 2022-10-24 | by ( David Marchese | ) www.nytimes.com time to read: +28 min

Mamadi Doumbouya for The New York Times Talk Bono Is Still Trying to Figure Out U2 and HimselfThere are different Bonos to different people, including the man himself. You say, “But you’re U2 — you don’t need that.” What’s interesting is that we want that. But I also wrote the book to try to figure out what was going on with U2. They sound like U2 songs. Do they sound like U2 songs?

☆ American homebuyers are finding UK bargains, discounted by a weaker pound
▼ + stars: | 2022-09-30 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

American homebuyers are searching for bargains in the U.K., as a weaker pound contributes to double-digit price cuts. The fall in the British currency, which is off 17.5% against the U.S. dollar year to date, has made U.K. real estate cheaper for buyers paying in U.S. dollars. A property listed at 5 million pounds in Knightsbridge, for instance, would have cost $8.6 million eight years ago but $4 million today. The asking price: 30 million pounds, or about $33 million with today's currency exchange rates. That marks a savings of more than $6 million for U.S. buyers, paying in dollars, compared with a year ago.

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