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The number of house hunters registered per estate agent branch fell slightly in June but remains high for the year as the housing market continues to show resilience, according to the latest industry report. They fell from 307 to 305 but year on year demand has only fall by 1%. In June 2018 there was […]
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More than a third of self-employed would-be mortgage applicants didn’t go ahead because they expected rejection, a new study has found. One in five who applied were turned down because of insufficient proof of future earnings But specialist lenders take a more understanding view of self-employed applicants The national study, by specialist lender Together, found […]
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A council tenant in London has been ordered to pay over £100,000 after being taken to court for illegally subletting his social housing flat in Victoria as a holiday home through Airbnb. Legal action was taken by Westminster City Council against Toby Harman, 37, after it was found that the property on Vauxhall Bridge Road […]
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The housing market is slowing in England and Wales with average prices of existing homes rising just 0.3% year on year, the weakest performance since 2011, according to the latest analysis. Month on month prices were up by 0.9% and sales fell by 2.5% year on year, the fastest fall since 2008, the report from […]
The post Latest analysis tracks slowing of the housing market in England and Wales appeared first on PropertyWire.
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Existing home sales in the United States weakened in June, as total sales saw a small decline after a previous month of gains, according to the latest index report from realtors. While two of the four major regions recorded minor sales jumps, the other two, the South and the West experienced greater declines last month, […]
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The number of homes in England and Wales sold more than once within a 12 month period, known as flipping, has fallen dramatically overall since its peak in 2004, new research shows. Last year 18,630 homes were flipped in England and Wales, some 69% less than the 60,340 homes flipped in 2004. However, between 2017 […]
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Plans to redevelop a disused site in North West London to provide over 800 new homes, with over 40% affordable properties, which was rejected by the borough council is to go ahead. The Mayor of London called in the application for Pentavia Retail Park in Mill Hill after Barnet Council rejected it because members of […]
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Overall, country house prices in Scotland increased by 1.1% year on year, led by increases across the central belt, in the North and in the Borders, the latest rural property update report shows. Agents have indicated that demand has been underpinned by an increase in discretionary buyers, with a notable rise in those from outside […]
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Gross mortgage lending across the UK’s residential market in June 2019 was £21.9 billion, some 4% lower than the same month the previous year with analysists suggesting the slowdown is part of wider Brexit uncertainty. The industry data from UK Finance showing a further slowdown in mortgage lending also showed that the number of mortgages […]
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Property cooling measures introduced last year have contributed to a slowdown in sales momentum.
New private home sales in Singapore is forecasted to decline by about 20 percent year-on-year to 7,500 to 8,500 units for the whole of 2019, while prices of such properties could drop by up to 3.0 percent, according to a recent report from DBS Group Research.
For 2018, the transaction volume is expected to hit 10,000 to 11,000 units, with the 11-month tally already reaching around 9,300 units.
More: Private Home Prices Rose 7.9% In 2018
The research house noted that since the new cooling measures were introduced in July 2018, primary sales momentum has moderated to 500 to 800 units per month, which it believes to be the “new normal” going into 2019.
Worsening the situation are the new rules on the average unit size for non-landed housing projects outside Singapore’s central region and the nearly 40,000 units in the pipeline slated for launch despite a slowing market.
Moreover, DBS thinks that displaced en bloc buyers are unlikely to significantly increase private home sales for the whole of 2019.
“Market expectations of a boost in sales volumes from displaced en bloc households up to middle of 2018 might not materialise. Assuming that these homeowners are paid nine months after the close of en bloc tenders, we estimate that only c.11 percent of the total 8,500 en bloc households will receive their monies in H1 2019.
“Therefore, we believe that most of the buying from these displaced households will already be done before that (period) and will not be a significant boost to sales volumes in 2019.”
Furthermore, although the demand for replacement units from successful en bloc sellers is expected to be robust in the near term, such demand is not sustainable for the long term, added DBS.
Get more details on the property market outlook for 2019 here
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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