Connect with us

Published

on

House prices fell by 3.1% year-on-year in March, marking the biggest annual decline since July 2009, Nationwide Building Society said.

The figures also showed a monthly price fall of 0.8% – the seventh consecutive fall – which leaves prices 4.6% below their August peak.

The average UK house price in March was £257,122.

Robert Gardner, Nationwide’s chief economist, said: “The housing market reached a turning point last year as a result of the financial market turbulence which followed the mini-budget.

“Since then, activity has remained subdued – the number of mortgages approved for house purchase remained weak at 43,500 cases in February, almost 40% below the level prevailing a year ago.

“It will be hard for the market to regain much momentum in the near term since consumer confidence remains weak and household budgets remain under pressure from high inflation.

“Housing affordability also remains stretched, where mortgage rates remain well above the lows prevailing at this point last year.”

Prices declined in most regions

Nine out of 13 regions saw house prices decline on an annual basis in the first financial quarter.

• Scotland’s performance was the weakest, with prices down 3.1% compared with a year ago, a sharp slowdown from the 3.3% year-on-year increase in the previous quarter

• East Anglia had been the strongest-performing region last quarter but in this quarter prices were down 1.8% year-on-year

• The outer South East fell 1.5% year-on-year

• London was down 1.4%

• The West Midlands, however, registered the strongest performance, with prices up 1.4% compared with a year ago

• Prices in Northern Ireland were up 1.3% year-on-year

• In Wales, price growth slowed from 4.5% to a decline of 0.7%

• Prices were largely flat in northern England

• Southern England saw a 1.1% decline

Buyers can no longer test the market at higher prices

Nathan Emerson, chief executive of Propertymark, the professional body for estate agents, said: “Our member agents are reporting transaction levels year on year to be stable and listings of new properties coming to the market also being steady.

“With a stream of serious buyers still keen to move, and prices still higher compared to this time last year, sellers are still in a strong position to sell, however they can no longer test the market at higher prices and align with those achieved last year. Instead, they will need to reduce or be open to offers in order to get a more realistic and efficient sale.”

:: Listen and subscribe to The Ian King Business Podcast here.

Myron Jobson, senior personal finance analyst at interactive investor, said: “While the consensus is that house prices will fall this year, it is a more nuanced picture.

“Property values may indeed fall in very stretched areas, and for other areas, prices may not change very much – if at all.

Read more business news:
UK economy grew slightly and avoided recession
Potential for UK to experience persistent inflation, Bank of England chief economist says

“The housing market remains a frustrating one for would be buyers, fraught with uncertainty and unpredictability.

“The affordability crunch could mean that existing homeowners may wait to list their properties, since many have already locked in lower mortgage rates, creating little incentive to sell and buy again until rates are more attractive.”

Continue Reading

UK

Jaguar Land Rover to ‘pause’ US shipments over Donald Trump tariffs

Published

on

By

Jaguar Land Rover to 'pause' US shipments over Donald Trump tariffs

Jaguar Land Rover (JLR) has said it will “pause” shipments to the US as the British car firm works to “address the new trading terms” of Donald Trump’s tariffs.

The US president has introduced a 25% levy on all foreign cars imported into the country, which came into force on Thursday.

JLR, one of the country’s biggest carmakers, exported about 38,000 cars to the US in the third quarter of 2024 – almost equal to the amount sold to the UK and the EU combined.

Follow live updates: Trump’s baseline 10% tariff kicks in

In a statement on Saturday, a spokesperson for the company behind the Jaguar, Land Rover and Range Rover brands said: “The USA is an important market for JLR’s luxury brands.

“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

The company released a statement last week before Mr Trump announced a “baseline” 10% tariff on goods from around the world, which kicked in on Saturday morning, on what he called “liberation day”.

More on Donald Trump

JLR reassured customers its business was “resilient” and “accustomed to changing market conditions”.

“Our priorities now are delivering for our clients around the world and addressing these new US trading terms,” the firm said.

Trading across the world has been hit by Mr Trump’s tariff announcement at the White House on Wednesday.

All but one stock on the FTSE 100 fell on Friday – with Rolls-Royce, banks and miners among those to suffer the sharpest losses.

Read more: A red wall on Wall Street – but Trump seems to believe it will work out

Cars are the top product exported from the UK to the US, with exports worth £8.3bn in the year to the end of September 2024, according to data from the Office for National Statistics.

For UK carmakers, the US is the second largest export market behind the European Union.

Industry groups have previously warned the tariffs will force firms to rethink where they trade, while a report by thinktank the Institute for Public Policy Research said more than 25,000 car manufacturing jobs in the UK could be at risk.

Continue Reading

UK

Two people die after caravan fire at holiday park in Lincolnshire

Published

on

By

Two people die after caravan fire at holiday park in Lincolnshire

Two people have died following a fire at a caravan site near Skegness, Lincolnshire Police have said.

In a statement, officers said they were called at 3.53am on Saturday to a report of a blaze at Golden Beach Holiday Park in the village of Ingoldmells.

Fire and rescue crews attended the scene, and two people were found to have died.

They were reported to be a 10-year-old girl and a 48-year-old man.

The force said the victims’ next of kin have been informed and will be supported by specially trained officers.

Officers are trying to establish the exact cause of the blaze.

“We are at the very early stages of our investigation and as such we are keeping an open mind,” the force said.

Two fire crews remain at the scene.

Continue Reading

UK

Boy dies after ‘getting into difficulty’ in lake in southeast London

Published

on

By

Boy dies after 'getting into difficulty' in lake in southeast London

A 15-year-old boy has died after “getting into difficulty” in a lake in southeast London, police say.

Officers and paramedics were called shortly after 3pm on Friday to Beckenham Place Park in Lewisham.

The Metropolitan Police said a boy “was recovered from the lake” at around 10.42pm the same day.

“He was taken to hospital where he was sadly pronounced dead. His death is being treated as unexpected but not believed to be suspicious,” according to the force.

The boy’s family has been told and are being supported by specialist officers.

The force originally said the child was 16 years old, but has since confirmed his age as 15.

In the earlier statement, officers said emergency services carried out a search and the park was evacuated.

More from UK

google street view inside Beckenham Place park, Lewisham where a 16 y/o boy is missing after getting into difficulty in a lake
Image:
Emergency teams were called to Beckenham Place Park on Friday afternoon

Beckenham Place Park, which borders the London borough of Bromley, covers around 240 acres, according to the park’s website.

The lake is described as 285 metres long, reaching depths of up to 3.5 metres.

It is designed as a swimming lake for open-water swimming and paddle boarding.

A London Ambulance Service spokesperson said on Friday: “We were called at 3.02pm this afternoon to reports of a person in the water.

“We sent resources to the scene, including an ambulance crew, an incident response officer and members of our hazardous area response team.”

Emergency teams have not explained how the boy entered the water, or whether he was accompanied by others.

Continue Reading

Trending