Table Of Content
- July: Rightmove Revises 2022 Forecast Upwards As Prices Continue To Soar
- March: Average Values Approaching 2022 Peak
- April: Sellers Emboldened By Rising Demand
- October: ONS Reports Price Stagnation For August
- June: Nationwide Reports Price Falls Ahead Of Rate Increases
- FSU students evacuate, dog killed as fire burns homes in Tallahassee student housing complex
For older properties prices fell on an annual basis in June across all property types led by flats (down 3.1%) and terraced homes (down 2.5%). The fall in annual prices for semi-detached and detached homes were 1.9% and 1.3% respectively. House prices fell in June for the third month in a row while year-on-year prices are down by 2.6%, according to Halifax’s monthly house price index, writes Jo Thornhill. House prices fell 2.4% in the year to July, according to today’s house price monitor from Halifax, the UK’s biggest mortgage lender.
July: Rightmove Revises 2022 Forecast Upwards As Prices Continue To Soar
Trussle claims to be the first mortgage broker to offer a service that promises mortgage decisions to customers within five days. Topping the list was Monmouthshire where, according to Zoopla, 88.2% of homes have risen by more than the average. The number of sales agreed was up 15.2% in September, versus 2019, which was the was the last ‘normal market’ comparison, said Rightmove. Figures out today from the Bank of England show a steep decline in mortgage borrowing in October to £1.6bn.
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March: Average Values Approaching 2022 Peak
Regional house price growth in October was greatest in the North East of England at 17.3%, marking a stark change from September, when the region saw lower house price growth than any other UK region at 6.7%. The figure is a marked increase from the annual growth rate of 9.9% recorded in September. However, the ONS says this rise is explained largely by the Stamp Duty Land Tax holiday in effect from 1 July to 30 September 2021. “While financial market conditions have settled, mortgage rates are taking longer to normalise and activity in the housing market has shown few signs of recovery.
April: Sellers Emboldened By Rising Demand
In Scotland, growth was also slower relative to the rest of the UK, with annual inflation at 8.3%. According to Halifax analysis, homes in London remain the least affordable in the UK, costing 9.7 times what the average Londoner earns in a year. Homes in the South East of England were only slightly more affordable, at a price-to-earnings ratio of 9.3. It says demand for homes is 40% higher than the UK’s five-year average, but is beginning to fall to typical levels.
Until the end of June, the first £500,000 of a property purchase was exempt from stamp duty. This figure was subsequently cut to £250,000 from 1 July and will be reduced again, to £125,000, from 1 October 2021. This was the highest proportion on record and up from the 6.6% reported over the same period last year. The average price of a UK property was £265,668 in June 2021, according to the UK House Price Index from the Office of National Statistics (ONS). It said the average time to sell, measured as the time taken between a property being listed and a sale being agreed, now stands at 26 days, down from 49 days in 2019. Nationwide described the August increase as “surprising” following the tapering of stamp duty reliefs at the end of June.
October: ONS Reports Price Stagnation For August
The average house price nationally is largely unchanged month-on-month and now stands at £263,900. “For example, the number of mortgages approved for house purchase in January was around 15% below pre-pandemic levels. While mortgage rates are below the peaks seen in mid-2023 (see chart), they remain well above the lows prevailing in the wake of the pandemic. Average UK house prices fell by 0.2% in the year to February 2024, according to figures published today by the Office for National Statistics (ONS).
Against a backdrop of economic uncertainty, Rightmove forecasts that average house price growth will stand at around 7% by the end of this year. Regionally, the South West of England and Wales saw the joint strongest annual house price growth at a rate of 10.6% in the year to July this year. At 16.4%, average house prices increased most in England in the year to July to a new high of £312,000. Increased demand for properties in urban locations since the start of the year has been the main factor behind house price inflation in 2022, according to Halifax, the UK’s biggest mortgage lender. Figures out today from Halifax, the UK’s biggest mortgage lender, show a steep reduction in the annual rate of house price inflation in the 12 months to October, from 9.8% to 8.3%, writes Kevin Pratt.
June: Govt Extends Right To Buy To Housing Association Tenants
The website says this is the most competitive rental market on record, with quadruple the number of tenants as properties available. Its data shows the number of people enquiring about rental properties is up 23% on the same period last year, despite broadly comparable numbers of house hunters overall. Would-be property buyers appear to be putting their plans on ice amid uncertainty in the mortgage market, according to property website Rightmove. It should also be noted that other indices measuring price movements since October, from the likes of Halifax, Nationwide and Rightmove, have shown growth at much lower levels (see stories below). Northern Ireland posted annual inflation of 7.1%, compared to 9.1% in November, with average homes now costing £183,825.
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Over the last seven years, for example, the city has lagged behind the rest of the UK in terms of both sales volumes and house price inflation, according to Zoopla data. On an annual basis, prices among new sellers are up by 0.1% compared to February 2023. While it’s only a whisker increase, it marks the first time that annual prices have been in positive territory after six consecutive months of falls.
House prices ticked up by 0.4% in February, according to Halifax, taking annual property price inflation to 1.7%, writes Jo Thornhill. “Despite the above average price increases in the opening three months of the year, asking prices are still £4,776 below their peak in May 2023. For those who can afford to buy and have yet to take action to move this year, this may provide a window of opportunity to buy as we now seem to be past the bottom of the market. Asking prices rose on average by 0.6% in London this month (they are up 0.9% year on year), showing a tentative return of confidence for the capital. In Wales prices rose 0.3% in March (£256,499) and are the same (0% rise) annually.
They are built in a uniform line with shared walls between each unit, creating a continuous row without any space between them. In contrast, townhouses are broader and might span multiple floors, often part of planned unit developments with homeowners associations, and they tend to offer more yard space and privacy. They share at least one common wall with another unit but provide the essence of single-family homes. HMRC estimated the provisional non-seasonally adjusted figure for UK residential transactions in June 2021 at 213,120. Hamptons said this was the highest half-year figure since its records began in 2006.
The property portal’s house price index showed that average house prices grew by 8.1 % in the year to February, up on the 7.8% recorded a month earlier. The company believes house prices are being pushed up because buyer demand remains strong in the face of constrained supply. It says higher demand has also driven more transactions, with current levels of sales agreed running more than 20% higher than pre-pandemic levels. According to Nationwide, average house prices rose by 0.1% from June to July this year, the twelfth monthly increase in a row.
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