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House prices increased by 1% in the European Union in the first quarter of this year compared with the fourth quarter of 2013.

But they fell by 0.3% in the Eurozone area, according to the latest House Price Index from Eurostat, the statistical office of the EU.

Among the EU Member States for which data are available, the largest annual falls in house prices in the first quarter of 2014 were recorded in Croatia with a decline of 9.7% while in Slovenia prices fell by 6.6% and Cyprus by 5.7%.

The highest increases were in Estonia with annual growth of 17.5%, followed by Latvia where prices increased by 10.4% and the United Kingdom where they were up by 8%.

The largest quarterly falls were recorded in Croatia where prices were down 2.7%, Luxembourg with a fall of 2.3%, and Slovenia where prices were down 1.7%.

Estonia also saw the highest quarterly price growth at 4.8%, followed by Sweden where prices increased by 2.4% and the UK with growth of 2.2% in the first quarter of 2014.

There was good news for some of the property markets that have been hardest hit by the economic downturn. For example, in Spain the quarterly decline in prices is down to just 0.3% and in Ireland the fall is down to 1.2% while Portugal recorded a quarter on quarter increase of 1.3%.

Compared with the first quarter of 2013 prices in Spain are down 1.6%, in Ireland they are up 7.8% and in Portugal up 4%.

Meanwhile, a separate report suggests that the highest growth rates among European metropolitan areas are likely to be recorded by those who have experienced deep downturns since the global financial crisis.

According to the report released by Moody's Analytics the best growth areas will be places such as Milan, Rome, Madrid and Manchester. Smaller cities like Dublin and Copenhagen that also suffered deep recessions during the financial crisis will offer good growth opportunities as well.

According to the report, the three year outlook is positive for most Tier 1 metro areas with a population of more than 2.5 million. Peripheral cities such as Madrid and Lisbon are finally beginning to see some labour market recovery.

'Thanks to a combination of wage cuts with other structural changes, labour markets in Spain and Portugal are now quite competitive and should enjoy strong job growth in coming years as the economy improves,' said Steve Cochrane, managing director at Moody’s Analytics, and author of the report.

But he added that in London and German metro areas growth will slow in 2015 and 2016 as they edge back from the recovery years toward longer term potential rates of growth.

Moody’s Analytics notes that Tier 1 metro areas with the most complex industrial structures have seen some of the greatest volatility over the past 10 years due to their exposure to office using industries as well the cyclical construction industries. Though large metro areas without extraordinary exposure to office-using industries, such as Rome and Katowice,…

Bank of England rhetoric surrounding interest rate rises and lending caps appears to be moderating parts of the UK's housing market, according to the Royal Institution of Chartered Surveyors (RICS).

Overall house prices in June remained positive across the UK but the Mortgage Market Review (MMR) and the bank’s rhetoric are having a drag on activity, RICS says in its latest monthly survey report.

The report points out that demand for property stands at its slowest pace since the beginning of 2013, with the London market particularly affected by the increased air of caution, where buyer demand fell for the second consecutive month in June. However, this follows 15 successive monthly increases.

Nationwide, a net balance of 53% of respondents reported an increase in prices in June, down from 56% in May and prices rose in each of the 12 areas represented.

The South East and Northern Ireland experienced the strongest price gains for the second consecutive month, meanwhile, the rate of price growth in the London market appears to be easing.

The slower trend in demand has also been reflected in the newly agreed sales balance, a good indicator of market activity, which is showing the most subdued pace of increase since autumn 2012. Meanwhile, new instructions increased for the first time since December 2013.

In the month that saw the Band of England introduce a 15% cap on high mortgages, respondents also perceived banks to be lending less, with average Loan to Value (LTV) ratios among first time buyers dropping for the second consecutive month to 85.1% compared with 85.3% in April.

Looking ahead, as a result of the change in demand and increased supply, the number of respondents expecting prices to rise, rather than fall, over the next three months, dropped to 26%, well down from 46% in May.

‘The Bank of England's recent introduction of a ceiling on high loan to income lending and a 3% interest rate stress test is unlikely on its own to have an immediate influence on the market. However, rhetoric from key officials at the Bank, including Mark Carney, alongside the consequences of the introduction of the MMR are already slowing momentum particularly in London,’ said Simon Rubinsohn, RICS chief economist.

‘Buyer enquiries in the capital are now slipping back which suggests that the very sharp upward move in prices will flatten over the coming months. Elsewhere around the country we believe the more hard fought recovery should remain intact,’ he added.

Peter Rollings, chief executive officer of Marsh & Parsons, said that it is notable that national house prices are increasing faster than rates recorded in London for the first time since the recession.

‘This is proof that the rest of the country is back on track in terms of housing growth and that we’re moving into a new stage of the housing recovery,’ he pointed out, adding that RICS market data for London reflects his firm’s own knowledge into current trends, with demand for property in the capital easing and supply…

New mortgage rules in the UK have had a subtle effect on lending rather than the dramatic change some had predicted, new figures from the Council of Mortgage Lenders suggest.

The number of loans to first time buyers rose by 9% in May compared to April, and was 19% higher than in May 2013. By value, lending to first time buyers was up 11% on April and 30% higher than in May last year.

Both the number and value of loans to home movers increased month on month in May by 8%. Compared with May 2013, growth was up 9% by volume and 21% in value.

Reflecting these trends, overall home owner house purchase lending in May rose 9% on April by both volume and value, with year on year growth in number of loans up 13% and 25% by value.

Remortgage lending dipped in May, down 18% in number and value compared to April. Compared to May 2013, remortgage lending declined 26% in volume and 15% by value.

The monthly number of buy to let loans was up 4% in May with value up by 5%. Compared to April 2013, there was a 14% increase in number of loans and a 22% increase in overall value.

First time buyers took out 26,800 loans in May, up 9% compared to April and 19% more than in May 2013. The total value of these loans was £3.9 billion, which was up 11% on April and 30% on May last year.

The data also shows that first time buyer affordability changed fractionally, with first time buyers typically borrowing 3.43 times their gross income, compared to 3.42 in April. The typical loan size for first time buyers was £123,200 in May, up from £121,500 in April. The typical gross income of a first time buyer household remained unchanged at £37,000 compared to April.

The CML report says that the relatively low level of interest rates means borrowers' payment burden remains relatively low at 19.5% of gross income being spent to cover capital and interest payments, this remained unchanged from April but up from 19.3% in May 2013.

‘With May lending figures, we get our first glimpse at the effect the Mortgage Market Review has had on lending trends and, at least so far, the impact appears subtle, rather than dramatic,’ said Paul Smee, director general of the CML.

‘First time buyers and home movers continue to be key drivers in market growth and their activity does not seem to have been noticeably disrupted. There was no cliff edge. Lenders and intermediaries had been methodically working towards applying MMR changes for months leading up to implementation and the figures appear to reflect this,’ he added.

It’s a major boost to see first time buyer numbers rising with just a fractional change in affordability, despite the continuing pressure of soaring house prices, according to Simon Crone, vice president of Mortgage Insurance Europe for Genworth.

'May was the first month where the new mortgage rules (MMR)…

Over the last four years the Scottish private rental sector has experienced average rent increases considerably below inflation, according to the latest quarterly report and analysis from Lettingweb.

It shows that the cost of private renting from 2010 to 2014 has risen by an average of 6.9% against a rate of inflation over the period of 12.8% and the picture of the Scottish private rented sector is a healthy one.

‘Average rent increases are considerably below inflation across the country. The cost of private renting over the four years from 2010 to 2014 has risen significantly less than the rate of inflation, the report says.

It adds that while it is clear private rental is good value in the markets where there is good supply, a detailed analysis shows that cities such as Aberdeen are facing particular pressures due to lack of supply.

Overall the average monthly rent for a two bed property in Scotland was £606 in the Spring of 2010 and if rents had risen at the same rate as inflation that figure would now be £683 but the actual figure for Spring 2014 is considerably less at £648.

The data also shows that from 2010 to 2014 average two bed rents have risen by 6.9% and while the annual rise of 4.6% is above inflation, this is still considerably less than the rent rises seen in the social rented sector.

However, Aberdeen is an exception to the rule that rents are generally rising at below the rate of inflation. A two bed property now costs an average of £1,007 per month, up 14.7% on the year, and the firm says this is due to enormous demand from flexible high income workers when there is very low housing supply within the city.

Edinburgh is Scotland’s largest private rental market, and it has seen its private rented sector population more than double in the last decade. Rents are up 6.8% year on year, with two bed rents now averaging £785. This is due to rising demand and competition for property caused by an improving economy, growing population and very limited new supply.

At 13.9% from 2010 to 2014, Edinburgh is the only local authority other than Aberdeen to record a rise above the rate of inflation.

The report points out that a significant increase in sales, along with insufficient investment in new build are likely to have been contributing factors.

The analysis also shows that Glasgow is beginning to trend closer to the Scottish average than it has historically with the cost of a two bed rental now averaging £642 compared to the Scottish average of £648.

Rents in Glasgow have now increased 8.1% year on year and the report suggests this may be related to a substantial increase in sales of flats which may have reduced the supply of rental stock. Glasgow’s marketing period has reduced from 32 days to 28 days year on year, and the report says this is another indicator of rising demand.

The postcode…

House-builder Barratt Developments will unveil 100% profit growth when it reports its next annual results.

In a trading update today Barratt said that its pre-tax profits for the year to 30th June 2014 were at the top end of analysts' estimates at around £390m. This is roughly double the £192m profit it made the previous year. Full details will be revealed when the company reports its numbers in September.

The doubling in profits comes on the back of a 13% rise in average sale price and 9% rise in unit completions.

Chief executive Mark Clare said: "The market remains positive with strong demand for new homes across the country. The land we have acquired in the last five years together with our disciplined operating model is delivering a very strong business performance.  Our focused approach to land buying will enable us to maintain a land supply of around 4.5 years and support a significant increase in profitability and return on capital employed."

Barratt’s rude health mirrors the success being enjoyed across the sector on the back of what is effectively a subsidy from taxpayers in the form of the government’s Help to Buy programmes. Earlier this week Taylor Wimpey said that nearly half of its new private home sales benefited from Help to Buy equity loans. And Bovis Homes said that it was at record levels of productivity, building 50% more homes this year than last year.

The UK housing market has leapt back into life with prices across all regions accelerating and set to rise by around 8% this year, according to a new report.

This is in stark contrast to the generally weak price rises experienced 12 to 18 months ago everywhere outside of London, says the UK Economic Outlook report from PwC.

It projects that the average UK house prices could rise by around 8% this year, with prices increasing by around 13% in London. However, the pace of growth is set to moderate over the next two to three years.

This means that by the end of 2015, the average property in the UK could be worth around £276,000, up from £242,000 at the end of 2013. By 2020, the average UK house could be worth close to £330,000 in cash terms.

It also says that the housing market is not yet overheating at national level, but evidence of a bubble is stronger in London, where borrowers are more stretched on average.

PwC described the recent recommendations from the Financial Policy Committee (FPC) focused on restricting the proportion of new mortgages at high loan to income ratios as ‘sensible’.

It also says that concerns about a possible house price bubble could also be one factor causing interest rates to rise sooner rather than later. In the longer term, however, measures to boost housing supply more directly should be the priority.

‘House prices across the UK are accelerating. We do, however, expect the pace to moderate, slowing to around 3.5 per cent between 2016 and 202o,’ said William Zimmern, a PwC senior economist.

‘We don't believe the housing market is overheating at a national level yet, although evidence of a bubble in London is stronger,’ he added.

Zimmern raised the prospect of the Bank of England increasing interest rates eightfold when the shift does eventually come, to put a dampener on the housing market.

‘They could rise to around 4% but in the longer term, measures to boost housing supply more directly should be the priority,’ he concluded.

Galliford Try has bought Miller Group’s construction business for £16.57m.

Miller Construction's order book of £1.4bn doubles Galliford Try’s order book at a stroke to £2.8bn.

Galliford Try said “the tactical acquisition of Miller Construction is consistent with Galliford Try's stated strategy of disciplined and selective growth in its construction business, with a particular focus on developing our positions on regional and national frameworks”.

Galliford Try is now targeting 2018 construction turnover of £1.5bn instead of its previous target of £1.25bn. Its directors said they had got a bargain.

Miller Construction reported 2013 revenues of £409m and a loss before interest and tax of £4m. In the past year Miller Construction has restructured or exited a number of mainly loss-making contracts and is expected to return to profitability in the current year.

Miller Construction had gross assets of £232m at 31 December 2013. Under the terms of the deal, Miller Group has agreed to transfer Miller Construction with a nil net assets balance, including a cash balance of £23m. In addition, Miller Construction has a PPP portfolio with an invested value of approximately £14m.

Galliford Try has identified a total of £7m a year of cost synergies, the majority of which it would expect to realise during the financial year ending 30 June 2015.  Restructuring is expected to cost £4m but despite this the Galliford Try board expect the acquisition to be earnings enhancing in the year ending 30 June 2015.

Galliford Try chief executive Greg Fitzgerald said: "We are delighted to announce the acquisition of Miller Construction, achieved at a very good price and with no net cash consideration. The acquisition brings together two construction businesses with a strong strategic fit and accelerates our strategy of growth into an improving marketplace."

The news comes just a day after Galliford Try revealed that it had already just completed its best financial year ever.

The High Court yesterday ruled in favour of 14 solar and construction companies in their claims for damages against the government.

The action was brought following the 2011 policy changes to the feed-in tariff subsidy regime.

The companies issued the claim in 2012, arguing that the government had damaged their business by changing the law. The group is seeking £132m in compensation from the Department of Energy & Climate Change (DECC) following the decision to retrospectively introduce early cuts to the feed-in tariff just as the  fledgling industry was getting going. They claim it resulted in “chaotic trading conditions, shattered consumer confidence and thousands of redundancies”.

The Hon. Mr Justice Coulson, the High Court Judge on the case, said: “Although the entitlement to damages will ultimately depend on the facts, as a matter of general principle, the claimants have demonstrated an entitlement to damages assessed by reference to the loss of those possessions for which recovery is permissible, namely signed/concluded contracts and/or the marketable goodwill referable to such contracts.”

Nick Keighley of Solarlec, one of the claimants firms, said: “The good news is that small scale solar power generation is now on the road to recovery. The feed-in tariff is now stable and the costs of solar PV are slowly reducing, representing increasingly better value for consumers and a very cost-effective way of generating green energy.  Public support for solar remains high and the government now want solar to play a big role in our energy mix. The fact is however that the industry was treated very badly by DECC, and their actions in 2011 damaged the growing industry and severely harmed the ability of companies such as ours in a key growth sector from investing, innovating and creating much-needed jobs as well as contributing the UK carbon reduction commitments.”

He added: “2012 and 2013 should have been years for continued growth, innovation, investment and training in the solar sector. Instead DECC’s conduct caused us two years of cut backs, customer confusion, part time working, stress and redundancies. Many in the industry had to let staff go in the weeks following Greg Barker’s announcement. We asked for compensation to be paid to us to help us get up to speed again and to help secure the clean and affordable energy supply we need. We’ve just about made it through and our focus is now on investing in a much diminished workforce and planning for the future. If the Government really does support solar, it needs to compensate businesses for the losses it caused and move forward with the industry.”

The average size of the claims is £6m with individual claims ranging in size from £250,000 to tens of millions of pounds. The exact damages awarded will be decided according to the value of contracts lost as a result of the government’s actions. This is to be confirmed in the coming months following a submission to the courts by law firm Prospect Law.

The organisations claiming damages include:  Freetricity Plc, Ecovision, Solar Power PV Ltd, Solarlec, Crystal Windows & Doors, Breyer Group Plc, E-tricity, Foz Electrical, Viscount Solar Ltd, New Energy Solutions, Green Home Company, Evo Energy, Monitor My Solar, and Cleaner Air Solutions.

Conversion of first floor and part ground floor to seven flats

Detailed Particulars relating to the erection of 1no. dormer bungalow (outline planning permission ref no. N155/2100/13 for the erection of 2no. dormer bungalows, granted 19th December 2013).

ERECTION OF TWO INDUSTRIAL BUILDINGS, A MULTI PURPOSE B1, B2 & B8 BUILDING AND A B8 STORAGE BUILDING, CAR PARKING AND A 2.1M HIGH PALISADE FENCE

Demolition of existing storage buildings at rear, refurbishment of cottage and erection of single storey rear extension and as a 3 bedroom house, erection of a terrace of 3 two storey three bedroom houses at rear with accommodation in roofspace, provision

ERECTION OF 13 DWELLINGHOUSES, FORMATION OF ACCESS ROAD AND INSTALLATION OF SUDS

To change use from light industrial warehouse to cultural events space with food and drink, art studio, shared office space and indoor events space.

Demolition Of Dwelling, Construction Of Access And Erection Of 5No. Detached Dwellings.

Demolition of existing three bedroomed dwelling. Erection of 3no two and one half storey three bedroomed terraced townhouses.. Provision of 6 no. off street parking spaces. Provision of 6 no. enclosed bin stores.

Four detached dwellings (amended scheme to planning approval 13/00098/FUL)

Conversion of 3 No. Farm buildings to dwellings, convert listed granary & former brew house & buildings to form annexe to listed farm house & associated access & garaging

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