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Original headline: FRESH TAKE : Is our housing market disconnected from local earning power ?
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- Builders slash prices on new homes as buyer traffic drops to 14-year low
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- Most important is controlling prices of social and rental housing; the high-end segment can follow market demand
At the Group 3 session, Prime Minister Lê Minh Hưng asked National Assembly deputies to keep contributing to the draft amended Law on Property Auctions, focusing on four issues: the scope of application and selection of auction organizations; participation, bidding and deposits; online auctions and bid increments; and cancellation of auction results and protection of bona fide buyers. For auctions of land-use rights, the process must be linked to the land pricing mechanism under land law. The Prime Minister stressed that the most important goal is controlling prices of social housing, rental housing and housing for policy beneficiaries and low-income people, preventing abnormal and unreasonable price spikes. The high-end segment can develop according to market demand, while related laws must be harmonized.
- Prime Minister: Prices of social housing and rental housing must not rise unreasonably
Prime Minister Lê Minh Hưng called for tight control over the prices of social housing and rental housing so that low-income people and policy beneficiaries can access homes without unreasonable or sudden increases. Speaking during a National Assembly group session on the draft amended Law on Asset Auctions, he said auction procedures must be carefully reviewed against related laws, including the Land Law, Housing Law and Real Estate Business Law. He noted that auctioning land-use rights is key to allocating land to investors, and localities will set land price frameworks and adjustment coefficients. He also warned that unclear or incomplete implementing rules would make it hard for localities to apply the law.
- The Housing Market Is Not Returning To 2020 | Armstrong Economics
Fannie Mae sharply raised its forecast for the average 30-year fixed mortgage rate, now seeing about 7.4% in Q4 2026 and around 7.5% through 2027, up from 6.8% and 6.7% previously. The author argues the low pandemic-era rates were an anomaly created by extraordinary Federal Reserve intervention, and current rates reflect 3.7% inflation, over $40 trillion in federal debt and rising Treasury yields. On a $350,000 mortgage, the monthly principal and interest payment would be about $2,447 at 7.5% versus about $1,476 at 3%, nearly $1,000 more. Pending home sales fell 8.5% in September from a year earlier, a sign of affordability strain that the author says will force the housing market to adjust to the price of money.
- London property asking prices see surprise autumn spike ... as sellers in the north cut theirs
According to Rightmove, asking prices for homes newly listed in London rose 2.5% between September 12 and October 10, while Inner London rose 3.9%, unlike the national decline of 0.1%. London's rise followed a weak summer, when asking prices fell 6% across July and August, and sellers hope to capitalize on buyers wanting to move before Christmas. Rising mortgage rates have added about £250 to new mortgage payments since February, and sales agreed were 8% lower and buyer inquiries 9% lower than a year earlier. Listings remain at their highest level for this time of year since 2014, 38% of homes have had price cuts, and offers take 78 days (11 weeks) on average to be accepted. Rightmove suggests some London sellers may be too optimistic on price.
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