UK housing market may face perfect storm as mortgage rates rise, house prices drop

New mortgage rates now quoted at 5%-6% Millions of homeowners could be overstretched HSBC sees a 7.5% fall in house prices into next year LONDON, Sept 28 (Reuters) – A surge in borrowing costs and a likely slowdown in economic growth threaten to trigger a selloff in Britain’s housing market with consequences for personal wealth … Read more

UK lenders pull mortgages at record rate as market chaos worsens

LONDON, Sept 28 (Reuters) – A record 935 mortgage products were pulled in Britain overnight, financial services provider Moneyfacts said on Wednesday, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers. The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to … Read more

In China, home buyers occupy their ‘rotting’, unfinished properties

GUILIN, China, Sept 26 (Reuters) – For six months, home for Ms. Xu has been a room in a high-rise apartment in the southern Chinese city of Guilin that she bought three years ago, attracted by brochures touting its riverfront views and the city’s clean air. Here living conditions, however, are far from those promised: … Read more

UK home asking prices rise, tax cuts to spur demand: Rightmove

Register now for FREE unlimited access to Reuters.com Register LONDON, Sept 26 (Reuters) – Asking prices for British homes advertised rose solidly this month and last week’s cut to property purchase tax announced by finance minister Kwasi Kwarteng could fuel demand further, property website Rightmove said on Monday. Prices rose by 8.7% in annual terms … Read more

Fed’s Powell: US housing market headed for ‘correction’

US Federal Reserve Board Chairman Jerome Powell attends a news conference after the Federal Reserve raised its target interest rate by three-quarters of a percentage point in Washington, US, September 21, 2022. REUTERS/Kevin Lamarque Register now for FREE unlimited access to Reuters.com Register Sept 21 (Reuters) – Federal Reserve Chair Jerome Powell on Wednesday said … Read more

Chinese buyers snap up luxury homes as ‘hard currency’ in soft property market

Under-construction apartments are pictured from a building during sunset in the Shekou area of ​​Shenzhen, Guangdong province, China November 7, 2021. Picture taken November 7, 2021. REUTERS/David Kirton Register now for FREE unlimited access to Reuters.com Register BEIJING, Sept 19 (Reuters) – In the southern Chinese city of Shenzhen, where the real estate sector has … Read more

POLL Dubai housing market outlook dims on increase in borrowing costs

An advertising sign for a real estate company reading “Keep Calm There’s no Bubble” is seen on a building in the Marina district of Dubai November 19, 2013. REUTERS/Caren Firouz (UNITED ARAB EMIRATES – Tags: BUSINESS CITYSCAPE REAL ESTATE) Register now for FREE unlimited access to Reuters.com Register BENGALURU, Sept 5 (Reuters) – Property prices … Read more

Curtains drawn on runaway rise in global house prices: Reuters poll

A general view of apartments under construction near Wandsworth Bridge in London, Britain, January 10, 2022. REUTERS/Kevin Coombs Register now for FREE unlimited access to Reuters.com Register BENGALURU, Sept 6 (Reuters) – A runaway surge in global house prices is drawing to a close as interest rates rise along with the cost of living, according … Read more

Singapore sees the rise of million-dollar public housing

Register now for FREE unlimited access to Reuters.com Register SINGAPORE, Aug 31 (Reuters) – Hundreds of public housing apartments in Singapore, one of the world’s most expensive cities, are being sold for over one million Singapore dollars ($716,000) as COVID-related construction delays create a shortage of new units. At least two units have surpassed the … Read more

US new home sales tumble to 6-1/2-year low; prices still high

New single-family home sales drop 12.6% in July Median house price up 8.2% to $439,400 from a year ago Private sector activity contracts again in August WASHINGTON, Aug 23 (Reuters) – Sales of new US single-family homes plunged to a 6-1/2-year low in July as persistently high mortgage rates and house prices further eroded affordability. … Read more