Pending home sales in the United States rose sharply in May, with lower mortgage rates and increased inventory accelerating the market, according to the latest data from the National Association of Realtors.

All four regions of the country saw increases in pending sales, with the Northeast and West experiencing the largest gains.

The Pending Home Sales Index, a forward looking indicator based on contract signings, increased 6.1% to 103.9 in May from 97.9 in April, but still remains 5.2% below May 2013 when it was 109.6.

May’s 6.1% increase was the largest month on month gain since April 2010 when first time buyers rushed to sign purchase contracts before a popular tax credit programme ended.

Lawrence Yun, NAR chief economist, expects home sales to continue rising in the second half of the year. ‘Sales should exceed an annual pace of five million homes in some of the upcoming months behind favourable mortgage rates, more inventory and improved job creation,’ he said.

However, second half year sales growth won’t be enough to compensate for the sluggish first quarter and will likely fall below last year’s total,’ he explained.

Despite the positive gains in signed contracts last month, Yun added that affordability and access to credit is still an area of concern for first time buyers, who accounted for only 27% of existing home sales in May and typically carry student loan debt and lower credit scores.

‘The flourishing stock market the last few years has propelled sales in the higher price brackets, while sales for homes under $250,000 are 10% behind last year’s pace. Meanwhile, apartment rents are expected to rise 8 percent cumulatively over the next two years because of tight availability,’ said Yun.

‘Solid income growth and a slight easing in underwriting standards are needed to encourage first time buyer participation, especially as renting becomes less affordable,’ he pointed out.

The PHSI in the Northeast jumped 8.8% to 86.3 in May, and is now 0.2% above a year ago. In the Midwest the index rose 6.3% to 105.4 in May, but is still 6.6% below May 2013.

Pending home sales in the South advanced 4.4% to an index of 117.0 in May, and is 2.9% below a year ago. The index in the West rose 7.6% in May to 95.4, but remains 11.1% below May 2013.

Yun expects existing homes sales to be down 2.8% this year to 4.95 million, compared to 5.1 million sales of existing homes in 2013. The national median existing home price is projected to grow between 5% and 6% this year and in the range of 4% to 5% in 2015.

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Builders’ merchant Travis Perkins is setting up a dedicated distribution facility for Manchester’s Trafford Housing Trust under a new four-year procurement partnership.

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On average first time buyers in the UK receive half of their deposit as a parental contribution with more than two thirds getting it as a gift, new research shows.

It means that the so called Bank of Mum and Dad is continuing to play an important role in the property market with the average amount needed amounting to £17,900.

The study from Santander Mortgages also reveals that 68% of parents who provided money to help their children get on the property ladder will get nothing back in return as it was intended as a gift.

Almost three quarters, 72%, of females were gifted the monies by their parents, in comparison to only 62% of men. Some 29% received the money as the equivalent of an interest free loan while only 3% of parents contributed towards their children’s deposit as an investment.

For those that are yet to buy their first home, the average amount they look to receive from parents is £17,900. With the average first time buyer deposit being just under £25,000 this represents a 71.6% subsidy.

Some 22% estimate that their parents will contribute £20,000 or more while 34% of those who have children yet to buy a home say they will contribute money towards a deposit in order to help them on to the property ladder.

‘Raising a deposit can be a huge challenge and our research shows that many rely on financial help from their parents in order to get a foot onto the property ladder. Buying your first home can be a daunting but there are ways to make it easier and support is available to help first time buyers with upfront costs,’ said Miguel Sard, head of Santander Mortgages.

The average value of English farm land rose by almost 3% in the second three months of 2014 to £7,517 an acre, according to the latest index report from Knight Frank.

During the past 12 months values have increased on average by 17% and over the past 10 years by 208%, the data also shows.

This compares with 244% for gold, 135% for prime residential property in central London, 52% for the FTSE 100, and just 23% for average UK house prices

The report points out that availability remains limited. So far around 16% fewer acres have been advertised publicly for sale this year, according to the Farmers Weekly Land Tracker Index. Even taking into account the off market 17,800 acre sale of the Co-op portfolio, supply is historically subdued.

At the same time demand continues to be buoyant, particularly from investors. The firm has received a number of enquires over the past few weeks from funds and the representatives of wealthy individuals analysing the market with a view to making an investment in farmland.

‘Potentially there could be more pension funds and institutional buyers in the market. There are some good deals happening off market,’ said Tom Raynham, head of Knight Frank’s Agricultural Investment team.

Investors are becoming more savvy and better advised. ‘Their knowledge of farming systems is growing. They are looking for opportunities where they can increase agricultural productivity and returns, rather than just purchasing land let under long-term agricultural tenancies, which has been the traditional investment target,’ explained Raynham.

James Prewett, head of Regional Farms at Knight Frank, said that farmers are also becoming more active. ‘They took a bit of a pause for breath at the beginning of the year when values rose quite sharply, but now the market seems to have settled into a rhythm and their confidence has returned,’ he pointed out.

‘Farmers are definitely in the mix at over £9,000 an acre for 483 acres of arable land at Banbury, Oxfordshire, that I am selling,’ he said, but added that there are still massive variations around the country.

‘I think values have plateaued in some areas, while there is room for more growth in others.” Overall, the Knight Frank Farmland Index predicts further rises of around 6% over the next 12 months,’ added Prewett.

The average void period experienced by UK landlords has continued to fall and is down to 2.7 weeks, according to the latest quarterly survey from specialist lender Paragon Mortgages.

The most recent fall sees the average void level down to what it was in 2012 with high tenant demand credited with keeping the time a rental property is empty between tenancies low.

There was a sharp increase during 2009 and 2010 and the average void period spiked at 3.5 weeks in the second quarter of 2010.

Traditionally, over the course of the 12 year landlord survey, the average void period has been between 2.6 and three weeks. The lowest average reported was 2.5 weeks in the fourth quarter of 2002.

However, the firm explained that what is important here is that from its highest to lowest point there has only been just a week’s difference.

‘What we have seen over the last 12 months is a downward trend in average void periods reported by landlords. This is encouraging as it means properties are being let quicker, which is better for landlords and better for prospective tenants,’ said John Heron, managing director of Paragon Mortgages.

‘With there being just a week’s difference in the highest and lowest void periods recorded this suggests that properties are being rented quickly, and that the letting process is managed well by both landlords and letting agents,’ he explained.

‘As tenant demand is continuing to remain high, it is likely that we may see the average time a property is empty decrease even further in the coming quarters,’ he added.

Despite mixed messages on the health of the housing market in London, demand for property in key locations in Notting Hill, Holland Park and Kensington remains strong.

Over the last three months the number of properties sold in these areas increased by 17% over the same period a year ago, according to the latest market intelligence report from agents Crayson.

The amount spent on property in prime central London has risen significantly this year. Buyers have spent an average of £157.5 million per month in our area, 27% higher than at the same point a year ago.

The report also reveals that apartments are outperforming houses. Indeed, sales of apartments have dominated the market so far this year, with the number sold rising 32% compared with the figure at this point a year ago. The opposite is true for houses, with sales so far this year down 21%.

Flats have also outperformed houses in terms of price growth. Flats sold in these areas over the last three months achieved prices per square foot that were 13.6% higher than the same period in 2013. Houses saw average prices increase at a still respectable 10.6%.

However, prices per square foot for homes selling in excess of £5 million have plateaued this year. But they are still achieving values which are 28% higher than they were three years ago.

The strongest growth in values continues to be for homes at the lower end of the market, under £1 million, and those priced between £2 million and £5 million, with average values within these price bands having risen by 12.7% and 12.9% respectively.

Within the Royal Borough of Kensington some 24% of properties currently on the market have been reduced in price since they were first marketed. The highest proportion of price reductions is seen in the price bracket over £10 million with 31% now reduced. This compares with just 21% of properties priced at £2 million to £5 million.

The report also says that 25% of the most prolific agents within these area, that is those with more than five properties listed for sale, have reduced the prices of more than a third of their available stock.

‘Put simply, vendors who achieve the best price for their property do so by bringing their home to market at the right price, creating early interest amongst buyers,’ said managing director Nick Crayson.

‘Properties that are launched at an unrealistically high price are missing out on crucial selling opportunities in the early stages of marketing. The average amount of time before a property is first reduced is currently 70 days,’ he explained.

‘Over valuing by agents is increasingly common within our market, something Crayson do not advocate. Potential vendors must ensure that they launch their properties onto the market at the right price, to attract early interest and increase the chance of achieving the best value,’ he added.

The report also points out that outside prime central London, the surrounding boroughs have continued to post significant growth. The…

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Carefully controlled development, improving infrastructure and a growing celebrity following are fuelling interest in the upmarket Turkish resort of Kalkan, known as the Saint Tropez of Turkey, it is claimed.

Last winter, the cobbled streets of Kalkan's Old Town were completely restored in keeping with the resort's original fishing harbour character.

Meanwhile, the transfer time from Dalaman Airport to Kalkan, located on Turkey's pretty Turquoise Coast, has halved to 90 minutes from three hours thanks to a new road. The other option is to fly to Antalya, three hours away.

‘These improvements just cement the popularity of one of Turkey's most sought after resorts,’ said Julian Walker, director at Spot Blue International Property.

‘British buyers are attracted by Kalkan's authentic charm, which the council has been careful about preserving by implementing strict planning regulations. These include a limit on the height of any new buildings, preservation orders on buildings within the Old Town and restricting the density of development on seafront land,’ he explained.

Kalkan's growing status as an international resort is for good reason, according to the firm. It points out that Kalkan is set in a bay overlooked by the Taurus Mountains and life revolves around its old fishing harbour.

Also attractive is the cobbled streets of the Old Town, which meander up the hillside. It's hard not to have a sea view there, and the higher up you go in Kalkan, the more spectacular the vistas become.

Kalkan is forging a reputation as Turkey's capital of gastronomy. Despite its comparatively small size, it has more than 200 restaurants, many of them within the Old Town and offering rooftop dining with views across the bay. Proving its passion for food, this year the resort hosted its first ever Lycian Food Festival.

Kalkan has a small Blue Flag beach next to its harbour, but a short dolmus ride takes you to two of Turkey's most spectacular beaches. Ten minutes eastwards towards Kas is picture postcard Kaputas Beach, formed where a gorge meets the sea. Meanwhile, 20 minutes westwards from the resort is the long sweeping beach at Patara, which is part of a national park and protected from development.

Offering discreet access by boat, bundles of charm and a selection of world class restaurants means Kalkan has become a favourite with celebrities. Mylene Klass, England football manager Roy Hodgson, Princess Beatrice, football club owner Roman Abramovich, comedian and actress Miranda Hart, footballer Craig Bellamy and singer David Soul are just a few of the well-known faces to have been spotted about town.

According to Walker Kalkan has an established following with the international market, especially British people. Many visitors, including holiday home owners, return year after year. Kalkan is also a resort that can be enjoyed without a car, especially when staying in or around the Old Town.

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The Help to Buy scheme in the UK has enabled 35,000 people to buy their own home and is playing a key role in boosting house building and the economy, new data shows.

The latest figures show that since the launch of Help to Buy 14 months ago, 22,831 people have bought newly built homes through the Help to Buy equity loan scheme. There have also been 7,313 sales through the Help to Buy mortgage guarantee and 5,173 sales through the Help to Buy: NewBuy scheme.

This takes total sales through Help to Buy to over 35,000. All sales through Help to Buy: equity loan and three quarters of overall sales through all elements of Help to Buy are new build properties.

Housing minister Kris Hopkins said that since the launch of the scheme, house building is up a third compared to last year and at its highest level since 2007, while 216,000 planning permissions were granted in the last 12 months.

Nationally, 86% of Help to Buy equity loan sales were to first time buyers, while the average house price under the scheme was £206,084, far lower than the £252,000 average house price. The vast majority of Help to Buy equity loan sales, some 94%, are outside London.

Overall, the highest numbers of Help to Buy sales are in Leeds with 580 followed by Wiltshire with 506, Central Bedfordshire at 458, Milton Keynes 417 and Peterborough 379.

‘In 2010 we inherited a broken housing market, where hard working people who could afford a mortgage were locked out of home ownership because they couldn’t get the deposit together,’ said Hopkins.

‘Help to Buy is changing that. To date, this scheme has enabled 35,000 people buy their own place with a fraction of the deposit they would normally require. And with house building up a third over the past year, it’s clearly having a wider impact, getting workers back on construction sites and building the homes communities want and need,’ he added.

The Help to Buy equity loan scheme enables people to buy a newly built home with a deposit of at least 5% of the property price, while the government offers a loan of up to 20%. The rest is covered by a mortgage. This portion of the scheme has been extended up to March 2020 with a further £6 billion, meaning the scheme will support the construction of up to 200,000 new homes.

The mortgage guarantee offers mortgage lenders the option to purchase a guarantee on mortgages where a borrower has a deposit of between 5 and 20%. Because of this support, participating lenders are able to offer more mortgage products to borrowers with small deposits.

The growing shortage of skilled professionals in the construction industry represents an opportunity to make more profit, according to cost consultant Sweett.

Cambridgeshire’s West Anglia Training Association (WATA) has become the latest training provider to gain Construction Industry Scaffolders Record Scheme (CISRS) accreditation.

The London Chamber of Commerce & Industry (LCCI) has launched a campaigned to get a new bridge built across the Thames in east London.

The first of three Westinghouse AP1000 nuclear reactors remains on target for operation in 2024 after Westinghouse parent company Toshiba completed a £102m deal to take control of the NuGen project in Cumbria.