Latest news with #TobyLeek
The Sun
19-06-2025
- Business
- The Sun
One in every 20 homes for sale in Britain is now priced at more than £1million as number doubles in six years
ONE in every 20 homes for sale in Britain is now priced at more than £1million, figures suggest. Property website Rightmove said that the number has doubled in six years. It recorded 103 per cent more homes above the threshold between January and April 2025, than in the same period in 2019. It means more than five per cent of properties are at least £1million, compared with less than three per cent six years ago. In London's commuter belt areas, such as St Albans, Windsor and Maidenhead, Three Rivers and Waverley, about one in every five homes for sale now has a price tag of at least seven figures. Cornwall has had the biggest increase in its numbers, with the pandemic rush for seaside space fuelling demand. And, while London still has the highest concentration of £1million-plus homes, all the areas with the biggest increase in numbers are outside the capital. Toby Leek, from the National Association of Estate Agents, said: 'Buyers want varying characteristics and locations, making rural, seaside and picturesque areas more appealing.' Property expert Colleen Babcock said: "The surge in million-pound homes for sale across Great Britain is substantial. "This isn't just happening in London; places like Cornwall, Uttlesford, and Somerset are also seeing big jumps in the number of high-value properties. "Mole Valley is a standout, with 22% of its homes for sale now in the million-pound bracket." We lived in one of the UK's most expensive seaside towns but house prices were mental - so we saved £293k by packing up and moving abroad 1
The Independent
10-06-2025
- Business
- The Independent
‘Difficult retirement spending choices' as older borrower mortgage lending jumps
Mortgage lending to older borrowers jumped in the first quarter of this year, according to figures from a banking and finance industry body. The figures from UK Finance provide a quarterly insight into mortgages taken out by borrowers over the age of 55, covering 'mainstream' lending to older borrowers, as well as specialist products such as lifetime mortgages. Some 38,510 new loans were advanced to older borrowers in the first quarter of this year, marking a 33.5% annual rise. The value of this lending was £6.1 billion – a jump of more than two-fifths (42.6%) compared with the same quarter a year previously. There were 5,620 new lifetime mortgages advanced in the first quarter of this year, up 11.1% year-on-year. The value of this lending was £530 million, which was up 39.5% compared with the same quarter a year previously. There were 339 retirement interest only mortgages advanced in the first quarter, up 19.4% year-on-year. The value of this lending was £33 million, which was up 17.9% compared with the same quarter a year previously. Toby Leek, president of NAEA (National Association of Estate Agents) Propertymark said: 'It is encouraging to see the mortgage landscape evolving and making better provision across the board, especially for people who are aged 50-plus. 'However, there are two sides to the coin to consider. This could also be down to underlying issues regarding the cost of living and how this might be impacting many older borrowers, specifically because they are having to delay paying off their mortgages until much later in life. 'In addition, shifts in consumer needs could also be down to factors such as higher interest rates and ever-increasing household bills making a substantial dent in affordability.' Helen Morrissey, head of retirement analysis at Hargreaves Lansdown, said: 'Over the long term, we can expect these figures to keep increasing. 'Rising house prices mean people are getting onto the property ladder later and taking longer mortgages, so even if everything in life goes to plan, they will be paying their mortgage beyond the age of 55. 'Some will be able to work later and use the extra cash to meet these outgoings, some will have windfalls during their working life to help pay off lump sums, but others face difficult retirement spending choices.'
The Independent
02-06-2025
- Business
- The Independent
Three London boroughs where house prices are falling
While UK property prices are generally rising, some London boroughs are experiencing annual decreases, with central areas like Islington down more than 8 per cent, Kensington and Chelsea down 15 per cent, and Westminster a full 20.1 per cent. NAEA Propertymark president Toby Leek notes that despite London 's attractiveness, high house prices relative to wages, increased stamp duty, limited housing supply, and higher interest rates are making it difficult for aspiring homeowners to enter the market. Data indicates a shift with more people leaving cities for smaller towns or rural areas, influenced by factors like the pandemic altering work-life balance perceptions and the desire for larger, more affordable properties. Personal finance analyst Alice Haine highlights that Londoners face challenges due to high mortgage payments, rising living costs, and frozen tax thresholds, making relocation to cheaper areas appealing. Bank of England data reveals a continued decline in mortgage approvals for home purchases, and with interest rates expected to remain high, buyers and those remortgaging may need to adjust their plans.
The Independent
02-06-2025
- Business
- The Independent
House prices are dropping across London – but people are still having to leave the capital to buy
Property prices in the UK are on the rise once more – but that's not the case in all areas of London, with some boroughs showing an annual decrease. Despite this, many Londoners are still struggling to get on the property ladder in the capital, forcing them to leave the city to buy elsewhere, or remain part of the forever renters community. Nationwide data on people who had moved house in the last five years also showed a marginally higher rate of people leaving cities for small towns or rural areas, compared to those coming into cities. Toby Leek, NAEA Propertymark president, told The Independent: 'London remains a highly attractive and aspirational place for many people to move to, and though house price growth is slowing, many aspiring homeowners are struggling to step onto the region's housing market due to a myriad of factors. 'These include the growing disparity in house prices and wage growth, with the average home across the Greater London area costing around £680,000 and the average wage sitting at around £48,000, meaning buying a home costs over 14 times the average income. 'Also contributing to this struggle that many buyers are facing is the increased Stamp Duty thresholds from April this year, a shortage of supply triggered by slow rates of development and higher interest rates than those traditionally used to, making mortgaging a property more difficult.' Price divide Land registry data showing London borough house prices over the last 12 months reveals that while the city-wide trend might remain on the up, there's a clear divide between central areas and boroughs on the outskirts. While house prices in areas like Lewisham, Redbridge and Havering are up between 8 and 9 per cent over the past year, more central boroughs such as Greenwich, Camden and Wandsworth are down between 2.4 and 4.5 per cent. For Islington it's more than 8 per cent lower, Kensington and Chelsea is 15 per cent down and Westminster is a full 20.1 per cent below last year. Sellers are having to accept average discounts of nearly ten per cent to the asking price, while Coutts Bank said 82 per cent of properties in prime London sold for below the asking price between January and March this year, per the Telegraph. And that isn't always limited to those traditionally higher-end locations. Leaving London 'It's not just wealthy buyers that are reconsidering their options. Mortgage rates may be easing but with stamp duty costs now higher, wage growth starting to slow and living costs still on the climb, affordability remains a challenge for Londoners whose finances are already constrained by sky-high rents,' Alice Haine, personal finance analyst at Bestinvest told The Independent. ' Homeowners in the capital typically see a larger proportion of their income swallowed up by mortgage payments than their counterparts elsewhere in the country. Plus, with most personal tax thresholds on hold, which results in people paying higher rates of tax as their income increases, it can make sense for people to relocate to cheaper parts of the UK to make life more affordable. 'The pandemic has radically shifted workers' perception of what a healthy work-life balance is. Rather than commuting across a city every day, people can now head into the office once a week or even once a month. It therefore makes more sense for some to live in a larger property in a quieter, cheaper part of the country than trying to squeeze a family into a one- or-two-bedroom flat. 'It seems having a higher disposable income to cover everyday bills with enough spare money to go on holiday once a year and save for the future may now be more important than proximity to the office.' Regardless of location, Bank of England data showed that the number of mortgages approved by UK lenders for home purchases dropped again in April - a third consecutive drop of net residential mortgage approvals. With interest rates now not expected to drop below 4 per cent until the end of this year, if at all, buyers and those looking to remortgage alike may be considering taking the plunge, having been holding off until now due to declining rates in 2025.
Yahoo
12-05-2025
- Business
- Yahoo
Inconvenience: Home movers ‘taking toilet seats and light bulbs to new property'
Toilet seats, light bulbs and door handles are among the cherished items that house sellers have taken with them when moving, a survey has found. One in five movers (20%) said light bulbs had been removed by previous owners when they moved into a new property, estate agent Purplebricks said. Some movers were left spending a penny or two on new toilet seats, with 9% saying these had been taken. One in 25 (4%) arrived in their new home to find the previous occupants had removed door handles and more than one in 10 (11%) said the doorbell had gone. Kitchen appliances, curtains and blinds and carpets were among other items to have gone with the previous occupants, the survey of 2,000 homeowners across the UK found. Some had also found unwelcome surprises left behind by the previous owners – such as bags of rubbish and rotten food – as well as nice ones such as welcome notes and gifts. About one in six (15%) people surveyed by market research agency Walr in April said they would definitely take fitted fixtures with them that they particularly liked. Tom Evans, sales director at Purplebricks, said: 'Home really is where the heart is – and it seems some Brits don't want to leave a piece of their heart behind.' Toby Leek, NAEA (National Association of Estate Agents) Propertymark president, said: 'Moving house can be one of the most intensive processes many people undertake, and it's key that communication is front and centre of that process to help avoid issues or potentially nasty shocks. 'Just like any sales process, when a property is marketed it must contain accurate details of what is being sold and included. 'While some sellers may wish to take items, this should be documented clearly in the paperwork as part of the sales transaction. 'Strong communication between buyers, sellers, surveyors, estate agents and conveyancers is essential so that they all interact with one another to ensure that the moving process is as smooth as possible for all parties involved. 'Both buyers and sellers must show co-operation and be aware of what items are being left behind for those moving into a new property.'
