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Summary
- UK rental inflation slows to +6.6%
- London leads the slowdown with rents up 3.7% over last 12 months
- Rental still +2x pre-pandemic
- Supply of homes for rent up 18% but still 1/3 below pre-pandemic
- Rents have fallen in some major cities over last quarter
- Rental growth in most affordable areas of the UK
- Rents continue to outperform wage increases
- Supply/demand imbalance will continue
- Will politics affect the rental market?
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Deciding where to live is a massive life decision and can be one of the biggest decisions some people will make in their lives. This guide will help your decision on moving to the Isle of wight a little bit easier.
Why should you move to the island?
The Isle of wight is known for its stunning coasts, natural beauty and history. Not only does is boast nature not to forget to mention (the Red Squirrel's) it is also is well known for its hospitality, events & attractions.
The island not only offers a peaceful lifestyle away from the hustle and bustle of busy cities, but it’s also house prices are astronomically cheaper and affordable. The average house price in 2023 on the island was £306,000 compared to £389,000 for Hampshire. However, there are more expensive areas on the Isle of wight than other areas.
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Moving to the Isle of Wight? Here your top tips on discovering its beauty & what to consider
Discover on the south coast of England, the Isle of Wight boasts stunning natural beauty, rich history, and a relaxed island lifestyle that attracts visitors and residents alike. If you're considering a move to the Isle of Wight, we have the best tips and information for you.
In this blog, we’ll explore the reasons why you might want to make the move and offer insights into things to consider when relocating to this beautiful island.
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On the 14th of September 2024 Red Squirrel are hosting another black-tie event at Yarmouth’s Royal Solent yacht club in memory of Zoe Panayi.
This is raising awareness of what happened to late Zoe Panayi and to make everyone aware of Zoe’s Law. Zoe lost her life to Melanoma at the young age of 26,
leaving behind two young boys and a loving family. Unfortunately, Zoe experienced negligence, this is why we are working hard to help save other lives.
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Summary
- House price inflation down -1.1%, compared to +7.2% a year ago
- New house sales agreed up 17% year-on-year
- House price falls levelled out as sales improve
- Mortgage regulations a key element to support modest price falls in 2023
- First-time buyers are largest group of would-be movers in next 2 years (40%) followed by people up-sizing (34%)
- Almost half of buyers living in southern England (24% of total buyers) looking to move to find better value for money
- Property prices to fall around 2% during 2024
- On track of 1m completed sales in 2024
- 8.8% average mortgage stress test for new borrowers
- Still 10%+ overvalued market
Q4 2023 sales performed well, including prices falling
The final weeks of 2023 recorded 17% higher sales than a year ago, also ahead of 2019 levels. Due to rising incomes and lower mortgage rates, along with an increase in supply boosting choice and supporting sales. It’s clear that buyers and sellers are more aligned on pricing now, which has reduced the downward pressure on values. As of December 2023 the price decline was -1.1%, which is down from +7.2% a year ago.
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January things to do on the Isle of Wight 2024 Guide
Here is your top guide on things to do this winter/spring on the Isle of wight. Beat the Christmas blues by taking advantage of the island’s stunning nature, beaches and heritage. This time of year there is also plenty to do for great value perfect for families!
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Due to the cost-of-living crisis people this winter are struggling to spend large amounts on electricity and gas bills in their own homes, especially with the drop in temperature in the last month! Here are some simple tips which could help you save money and trim your bills.
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Red Squirrel Property Shop have been listed in the top 20% of ALL letting agents in the Uk
The best estate agent guide compares letting agents based on their performance on the things that matter most. It provides an independent and trustworthy source of information to help sellers and landlords find the best agents in their area.
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Summary
- House price inflates +0.1% annually in UK
- 21% down on completed house sales compared to 2022
- House price growth at -1% in London
- Regional house price inflation linked to first-time-buyers affordability
- Completed transactions still on track for 1 million, although as we write 21% lower over 2023, lowest since 2012
- Cash buyer sales expected to hold in line with 2022
- Mortgage-backed sales likely to be 28% lower as higher rates impact demand
- Lower mortgage rates key to improved demand and sales in 2024
- Affordability improving
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Overview
- Annual UK house price inflation at +0.6%
- 60% with over £300k price cutting asking prices by 5% to attract demand
- Annual price falls of up to -2.2% concentrated in southern England on markets with an average price over £300,000
- Other areas of England registering annual house price inflation of over 3.5%
- Buyer demand down 18% in last two months due to mortgage rates
- Rates peaking and already signs of dropping back closer to the 4% region
- Likely to be the southern areas seeing price reductions throughout second half of the year with northern areas performing well
- UK markets till on track to be down by 5% end of year
- Mortgage decreased down to 4.99%
- 80% of markets with an average price over £300k registering modest price falls
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UK Half year report 2023
Overview
- House price inflation to 1.2% increase as quarterly demand has increased
- 42% of sellers are accepting offers 5% or more under asking price
- UK house prices still on track to drop by 5% in total during 2023
- Anyone serious about selling in 2023 needs to be realistic on pricing “Falling mortgage
- 11% Hit to buying power with higher mortgage rates
- 14% Fewer buyers in the market in last 4 weeks, compared to 5-year average
