Latest news with #RoyalInstitutionofCharteredSurveyors
Business Times
16-06-2025
- Business
- Business Times
London home prices cut to lure tax-hit buyers: Rightmove
[LONDON] London home sellers slashed almost £7,000 (S$12,167) off their asking prices in June to attract buyers facing higher taxes and greater choice, according to real estate agents. The average price sought fell 0.9 per cent to £695,414, according to a report by property website Rightmove published on Monday (Jun 16). Sellers in the UK capital and other pricey regions are offering discounts to offset the impact of April's increase in transaction costs. The picture is similar in the South West and the South East, which registered the largest monthly price drops in the UK. Home values in these regions are also taking a hit due to more Britons selling their second homes in coastal hotspots such as Devon and Cornwall in response to higher taxes on such properties. Asking prices fell across the UK, bringing the average home value to £378,240, down 0.3 per cent from May, the report showed. While sellers typically raise their price demands in June, the market is currently under pressure from increased homebuying taxes and an 11 per cent yearly increase in the number of homes for sale. Rightmove had estimated in February that some first-time buyers would pay more than £11,000 extra as a result of the thresholds for paying stamp duty being lowered on Apr 1. 'It appears that we're now seeing the decade-high level of homes for sale, and the recent stamp duty increases in England, have a delayed impact on new sellers' pricing,' said Colleen Babcock, a property expert at Rightmove. A NEWSLETTER FOR YOU Tuesday, 12 pm Property Insights Get an exclusive analysis of real estate and property news in Singapore and beyond. Sign Up Sign Up 'Agents have been telling us that sellers need to set a competitive price to have a better chance of finding a buyer in the current market, and it looks like many are listening and responding to that message.' Rightmove offers one of the earliest snapshots of the housing market emerging from a volatile period. House sales whipsawed in recent months as buyers brought forward transactions in a race to beat the stamp duty increase. The report chimes with warnings from the Royal Institution of Chartered Surveyors, whose house-price gauge fell to the lowest level in almost a year in May. However, Rightmove said demand remains resilient as households continue to enjoy real wage growth and affordability improves with the prospect of further interest-rate reductions from the Bank of England this year. 'Buyers have more choice than ever, so the combination of a rare abundance of high-quality properties at much reduced guide prices in the prime coastal areas, is resulting in the tide finally turning in a positive way,' said Josephine Ashby, managing partner of John Bray Estates. BLOOMBERG
Business News Wales
12-06-2025
- Business
- Business News Wales
Increased Choice for Welsh Homebuyers as Supply Increases and Fewer New Buyers Active
The number of house sales in Wales fell at the fastest rate seen since early 2023 according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Market Survey, and surveyors are cautious about the outlook. A net balance of -43% of respondents in Wales report that the number of house sales fell through the month of May. This is the lowest this balance has been since February 2023. Looking ahead, a net balance of -20% of respondents expects sales to continue to fall over the next three months. House prices are anticipated to be broadly flat in the same timeframe having risen marginally over the past three months. (A net balance of 7% of Welsh surveyors reported that house prices rose between March and May.) Regarding demand, a net balance of -7% of surveyors in Wales reported a fall in new buyer enquiries, which is a key factor in the cautious outlook. And with supply levels having seen an upturn – with a net balance of 49% of Welsh respondents noting a rise in new instructions to sell – those who are looking to purchase residential property appear to have increased choice. With regard to the lettings market, respondents in Wales report that both tenant demand and landlord instructions fell broadly flat in the most recent survey. As such, surveyors in Wales anticipate that rents will fall broadly flat over the next three months. Commenting on the sales market, William Graham, Chartered Surveyor of Graham & Co in Newport said: 'Despite little change in mortgage rates, valuation instructions have increased, and there is still a shortage of good quality well maintained houses in all prices.' On the lettings market, Anthony Filice, FRICS of Kelvin Francis Ltd in Cardiff added: 'Some, mainly older, landlords are selling up, whilst others, slightly younger, are buying some of these, adding to their portfolios. Rents have stabilised, with some landlords considering lower offers of rent.' Commenting on the UK picture, RICS Senior Economist, Tarrant Parsons, said: 'Sentiment across the UK residential property market remains somewhat subdued, with ongoing uncertainty around global trade policies and the dampening effect of transactions being brought forward ahead of the Stamp Duty changes at the end of March continuing to weigh on buyer activity. 'However, near-term sales expectations are showing signs of stabilisation, suggesting that while muted conditions may persist in the short term, a further deterioration appears unlikely. Looking ahead, the outlook is more optimistic, with respondents anticipating a gradual recovery in sales activity over the next 12 months. 'That said, the pace and extent of any improvement will partly depend on the Bank of England's ability to continue cutting interest rates.'
New Straits Times
19-05-2025
- Business
- New Straits Times
Asking prices for UK homes have smallest spring rise since 2016
LONDON: Asking prices for homes put up for sale in Britain have risen by the least for the late spring period since 2016, according to data published on Monday that added to signs of a slowdown in the country's housing market after a tax break ended in April. The average price for houses and apartments advertised between April 6 and May 10 rose by 0.6 per cent from a month earlier and prices were up by 1.2 per cent from the same period last year, property website Rightmove said. The price increase pushed the average price to a new record high of just under 380,000 pounds (US$505,000). But it represented the slowest monthly rise for the time of year in nine years. These relatively subdued price increases - which are well below the pace of average wage growth and consumer price inflation over the past year - contributed to a 5 per cent annual rise in completed sales for the latest period, Rightmove said. The price weakness reflected the highest number of homes for sale in a decade, while demand in April was down 4 per cent compared with April 2024, hit by the end of the tax incentive for purchases of cheaper homes and for first-time buyers on April 1. The year-on-year fall in demand was the first so far in 2025. But there were signs that April's lull would prove temporary as interest among buyers picked up in early May. The Royal Institution of Chartered Surveyors has previously said Britain's housing market slowed in April after the end of the tax break which pushed up demand earlier in 2025.
Reuters
18-05-2025
- Business
- Reuters
Asking prices for UK homes have smallest spring rise since 2016, Rightmove says
LONDON, May 19 (Reuters) - Asking prices for homes put up for sale in Britain have risen by the least for the late spring period since 2016, according to data published on Monday that added to signs of a slowdown in the country's housing market after a tax break ended in April. The average price for houses and apartments advertised between April 6 and May 10 rose by 0.6% from a month earlier and prices were up by 1.2% from the same period last year, property website Rightmove said. The price increase pushed the average price to a new record high of just under 380,000 pounds ($505,000). But it represented the slowest monthly rise for the time of year in nine years. These relatively subdued price increases - which are well below the pace of average wage growth and consumer price inflation over the past year - contributed to a 5% annual rise in completed sales for the latest period, Rightmove said. The price weakness reflected the highest number of homes for sale in a decade, while demand in April was down 4% compared with April 2024, hit by the end of the tax incentive for purchases of cheaper homes and for first-time buyers on April 1. The year-on-year fall in demand was the first so far in 2025. But there were signs that April's lull would prove temporary as interest among buyers picked up in early May. The Royal Institution of Chartered Surveyors has previously said Britain's housing market slowed in April after the end of the tax break which pushed up demand earlier in 2025. ($1 = 0.7524 pounds)
Daily News Egypt
18-05-2025
- Business
- Daily News Egypt
Claro expands into Gulf with new UAE office
Claro, a leading provider of real estate valuation and advisory services, has announced the launch of its first office in the Gulf region, based in the United Arab Emirates. This milestone marks a key step in the company's regional expansion strategy, aimed at addressing the growing demand for high-quality real estate consultancy across the Gulf. The move reflects Claro's commitment to delivering advanced expertise and internationally accredited services that contribute to the development of regional real estate markets. By combining deep market insight with cutting-edge tools, Claro aims to be a trusted partner for investors and developers in the Gulf, offering comprehensive, data-driven solutions tailored to evolving client needs. As the first Egyptian real estate platform to achieve international accreditation, Claro stands out for its commitment to global best practices. The company is licensed by the Royal Institution of Chartered Surveyors (RICS) and is the first Egyptian firm in its sector to join the International Valuation Standards Council (IVSC). These distinctions ensure Claro adheres to the highest levels of accuracy, transparency, and professionalism. In addition to these global credentials, Claro is certified by Egypt's Financial Regulatory Authority (EFSA) and the Dubai Land Department—strengthening its ability to offer reliable, regulation-compliant services across markets. Claro's offerings include precise property valuations (Fair Value), a region-specific Value Map, and the Claro Clock—an innovative tool that tracks property lifecycle stages. Leveraging artificial intelligence, the company also delivers smart advisory tools to support marketing, sales, and investment decisions. This expansion positions Claro to play a pivotal role in shaping the future of real estate consultancy in both Egypt and the broader region, delivering integrated solutions that drive sustainable market growth.
