House Price Growth Slows As End To Stamp Duty Holiday Looms

 UK house price growth slowed in September as economists said the looming end of the stamp duty tax break had cooled the market after a period of extraordinary growth. The average price grew by just 0.1% over the month to £248,742, a sharp slowdown compared with growth of 2% in August, according to Nationwide. The UK’s largest building society said annual house price growth fell back to 10%, down from 11% in August. That was down from annual growth of more than 13% as recently as June, the fastest since the property boom in 2004. Read more on the Guardian website.

https://www.theguardian.com/business/2021/sep/30/uk-house-price-growth-slows-as-end-to-stamp-duty-holiday-looms

Housing: Prices – Parliamentary Written Answer

 Baroness Ritchie of Downpatrick: To ask Her Majesty's Government what assessment they have made of the impact of changes in the level of house prices on the UK’s economic recovery.

Lord Agnew of Oulton: HM Treasury does not prepare formal forecasts for house prices or the outlook on the UK economy, which are the responsibility of the independent Office for Budget Responsibility (OBR). In its March forecast, the OBR expects that GDP will grow by 4% in 2021 and return to its pre-Covid peak in 2022. The OBR also forecasts annual house price growth of 5% in 2021. The latest available data shows that UK average house prices reached £266,000 in June 2021.

http://www.parliament.uk/business/publications/written-questions-answers-statements/written-question/Lords/2021-09-06/HL2449

First-Time Buyers £25,000 Worse Off Due To Stamp Duty Holiday

The stamp duty holiday has increased the price of first-time buyer homes by an average of 11.7% in England in the last year, and by as much as 31.5% in some areas of the country, according to research from GetAgent. The average price of a first-time buyer home in July 2020, just before the holiday was introduced, was £212,166. However, the latest figures show the average first-time buyer home now costs £236,982, an increase of £24,816 or 11.7%. On a broad regional level, the North West has seen the largest increase, with the average first-time buyer now paying £168,820 - a 16.9% jump since July of last year. Read more on the Financial Reporter website.

https://www.financialreporter.co.uk/finance-news/first-time-buyers-25000-worse-off-due-to-stamp-duty-holiday.html 

Average UK House Price Fell By £10,000 In July

The average UK house price fell by £10,000 in July compared with a month earlier, official figures show, as the housing market appeared to cool after the phasing out of the stamp duty holiday. The average UK house price was £256,000 in July, which was £19,000 higher than a year earlier, according to data from the Office for National Statistics (ONS). Average house prices in the year to July rose by 8%. However, the increase was down on the 13% recorded in the 12 months to June. The housing market fell slightly in July, as many homebuyers had rushed to complete their purchases before the stamp duty holiday deadline of 30 June. Read more on the Guardian website.

https://www.theguardian.com/money/2021/sep/15/average-uk-house-price-fell-by-10000-in-july-stamp-duty

House Price Rises Accelerate

UK house prices accelerated in August, the Nationwide has said, with values now 13% higher than before the pandemic. The building society said that annual house price growth sped up, to 11%, with the average home costing £248,857. It said property prices recorded their second largest month-on-month rise in 15 years, up by 2.1%. The Nationwide said the increase was "surprising", given that the benefit from stamp duty holidays was reduced. Read more on the BBC website.

https://www.bbc.co.uk/news/business-58399869 

Higher Energy Efficiency Has Only ‘Modest’ Influence On House Prices

The house price premium for a property with a higher energy rating – A or B – is just 1.7% compared to a D-rated home, new research from Nationwide shows. At the other end of the scale, houses rated F or G run with a 3.5% discount over a D-rated property, the lender’s report adds. These values are likely to change over time, however, especially if the government takes measures to incentivise greater energy efficiency in future to help ensure the UK meets its climate change obligations.  Regulation means that socially rented houses have the highest energy efficiency ratings, followed by privately rented stock. Read more on the Mortgage Strategy website.

https://www.mortgagestrategy.co.uk/news/higher-energy-efficiency-has-only-modest-influence-on-house-prices/ 

Three Quarters Of Brits Don’t Spend Enough Money On Home Upkeep

Three quarters of Brits don’t spend enough money each year on home upkeep, new research has revealed. Experts claim that homeowners should spend the equivalent of 1% of their property value on its upkeep each year in order to maintain its worth, and with the average UK house price currently standing at £255,0002, Brits are recommended to spend around £2,550 a year refreshing their home. However, a recent study by ScS found that 75% of the nation spend less than this amount. In fact, more than half (56%) spend under £1,000 each year and one in six (17%) splash out less than £250. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/at-home/three-quarters-of-brits-dont-spend-enough-money-on-home-upkeep.html

House Prices Fall For First Time This Year

House prices have fallen for the first time this year, according to property website Rightmove. It said the average price of property coming to market in August fell 0.3%, a drop of £1,076, to £337,371. That was prompted by the ending of the stamp duty holiday and a subsequent fall in demand for bigger homes. "Average prices have only fallen in the upper-end sector," said Tim Bannister, Rightmove's director of property data. Read more on the BBC website.

https://www.bbc.co.uk/news/business-58206513

House Price Growth Slows As Housing Market Cools

The Halifax says house prices rose again in July after dipping last month, making the average price £261,221 and leaving prices 7.6% higher than at the same time last year. Last month, average prices were 8.7% up on a year ago. The lender said it expected prices to settle further after the recent spate of strong rises, which has been fuelled in part by tax breaks on stamp duty. But it said a shortage of homes was likely to support prices. Read more on the BBC website.

https://www.bbc.co.uk/news/business-58112221 

House Prices Rise By 10% Amid Stamp Duty Holiday Rush

UK house prices rose by 10% in the year to May, the fastest rate since before the 2008 financial crisis, as buyers scrambled to take advantage of the stamp duty holiday in some parts of the country. Data from the Office for National Statistics put the average price of a property at £254,624. The annual growth appears to have been driven by buyers’ desire for larger homes and outdoor space, and the stamp duty savings that were largest on homes in England and Northern Ireland priced at £500,000 and above. Read more on the Guardian website.

https://www.theguardian.com/money/2021/jul/14/uk-house-prices-rise-by-10-amid-stamp-duty-holiday-rush 

House Prices Fell In June As Full Stamp Duty Holiday Ends

House prices fell last month for the first time since January in a sign that the overheating UK housing market is finally starting to cool, according to lender Halifax. Month-on-month, the price of the average home slipped by 0.5% in June to £260,358, a drop of £1,284 from £261,642 in May’s average. But on an annual basis, Halifax said property prices were still 8.8%, or about £21,000, higher than they were a year ago, with the strongest growth in Wales, Northern Ireland and north-west England. Read more on the Guardian website.

https://www.theguardian.com/money/2021/jul/07/uk-house-prices-fell-in-june-as-full-stamp-duty-holiday-ended-says-halifax

House Prices Rise At Fastest Pace In 17 Years

UK house prices rose 13.4% in the year to June, the fastest pace since November 2004, the Nationwide has said. The building society said the average house price increased to £245,432 from £216,403 in June 2020. The Nationwide bases the findings on its own mortgage data. It said while the rapid annual growth was partly due to prices being "unusually weak" during the first lockdown last year, the market continued to "show significant momentum". Read more on the BBC website.

House prices rise at fastest pace in 17 years - BBC News

House Price Growth At Highest Rate Since 2004

House prices are increasing at a staggering annual rate of up to 20.9% in the North West, driven by a high demand for semi-detached homes, according to the latest data released by e.surv. According to this morning's figures, the average price of a home in England and Wales stood at £343,658 in May - up 0.5% on the month and 13.4% on the year, the highest year-on-year growth since December 2004, and despite England and Wales having been in various states of lockdown and economic contraction since March 2020. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/house-price-growth-at-highest-rate-since-2004.html 

UK House Prices Grew In March At Fastest Pace Since August 2007

House prices across the UK grew at the fastest pace in March since shortly before the financial crisis hit in 2007, according to official figures. With buyers rushing to take advantage of the government’s stamp duty holiday, extended to the end of June, the average UK house price climbed 10.2% in the year to March, up from 9.2% in February. This is the highest annual growth rate the UK has seen since August 2007, said the Office for National Statistics. The average UK property cost £256,000 in March, £24,000 more than in March 2020. Prices rose 2.1% between February and March. Read more on the Guardian website.

https://www.theguardian.com/business/2021/may/19/uk-house-prices-grew-in-march-at-fastest-pace-since-august-2007 

Holiday Homes See Average Prices Rise By 12% In Six Months

Continued interest in second homes and the growing unlikelihood of foreign holidays this summer have seen the average purchase price of a holiday home increase by 12% in the past six months, according to the latest data from Hodge. According to the specialist lender, in October 2020, the average purchase price of a holiday let mortgage application through the firm was £387,993, jumping to £435,476 in March 2021 - a 12% increase over just six months. The lender says that it has also seen a 30% leap in holiday-let mortgage applications in the six months to March 2021, with the average mortgage also increasing by 7% over that time. Read more on the Property Reporter website.

https://www.propertyreporter.co.uk/property/holiday-homes-see-average-prices-rise-by-12-in-six-months.html 

Mortgage Scheme Launched For 5% Deposits

High Street lenders are now starting to offer mortgages to borrowers offering a deposit of just 5% under a new government guarantee scheme. The policy, announced in the Budget, is designed to help more first-time buyers secure a home. But the launch comes as average house prices in the UK continue to rise to record levels. Analysts also suggest that cheaper deals are available for those able to stretch to a 10% deposit. Read more on the BBC website.

https://www.bbc.co.uk/news/business-56777436

House Prices Jump 8.6 Per Cent

UK house prices increased by 8.6 per cent in the year to February 2021, according to the latest statistics released by the Revenue and the Office for National Statistics. The UK Property Transactions Statistics showed that in February 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 147,050. This is 48.5 per cent higher than a year ago. Between January 2021 and February 2021, UK transactions increased by 23 per cent on a seasonally adjusted basis. The data also showed that there were 180,690 UK housing sales in March, the highest monthly sum since the Revenue started publishing monthly transactional data in 2005. Read more on the Property Wire website.

https://www.propertywire.com/finance/uk-house-prices-jump-8-6-per-cent-industry-reacts/

House Prices Were Flat In February

House prices remained flat in the UK in February, according to the latest official figures from the Land Registry. The lack of change left annual house price inflation up at 8.6%, following the surge in prices seen in the wake of the spring 2020 lockdown. The figures reflect activity prior to the chancellor’s announcement on 3 March of an extension to the current stamp duty holiday for homes under £500k in value, and of the introduction of a mortgage guarantee system to support 95% loan to value mortgages. Read more on the Housing Today website.

https://www.housingtoday.co.uk/news/house-prices-were-flat-in-february/5111485.article

Budget Removed Uncertainty For House Buyers

The UK's largest mortgage lender has said the extension of the stamp duty holiday has "removed uncertainty" for those completing house purchases. The Halifax said the housing market had been at a crossroads before the Budget. Stamp duty relief in England, Northern Ireland, and the equivalent in Wales, have all been extended. The Halifax said UK house prices in February were 5.2% higher than a year earlier, averaging £251,697. Read more on the BBC website.

https://www.bbc.co.uk/news/business-56291299

House Prices Rise As End Of Stamp Duty Holiday Nears

UK house prices bounced back in February despite the imminent end of the stamp duty holiday, fuelled by changing housing preferences in the Covid-19 pandemic, and some buyers betting that the tax saving will be extended. The average price of a home rose by 0.7% to £231,068, the highest on record, more than reversing January’s 0.2% drop, said Nationwide, Britain’s biggest building society. This took the annual growth rate to 6.9% from 6.4%. A shift to working from home and far less commuting during the pandemic has changed what people want in a property. Read more on the Guardian website.

https://www.theguardian.com/money/2021/mar/02/uk-house-prices-rise-stamp-duty-holiday-covid-19-pandemic