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The latest Halifax house price index reveals that prices increased 9.5% in May to reach a new record high of £261,743 on average - their fastest pace since June 2014. Russell Galley, managing director at the firm, commented: “Heading into the traditionally busy summer period, market activity continues to be boosted by the Government’s stamp duty holiday, with prospective buyers racing to complete purchases in time to benefit from the maximum tax break ahead of June’s deadline." He continued: “The current strength in house prices also points to a deeper and long-lasting change as buyer preferences shift in anticipation of new, post-pandemic lifestyles.” All UK nations and regions except the north east of England witnessed an acceleration in annual house price inflation in May. Growth was strongest in Wales, with house prices soaring by 11.9%, Halifax said. |
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BBC News (07/06/2021) City AM (07/06/2021) Evening Standard (07/06/2021) The Guardian (07/06/2021) |
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The UK construction sector surged at its fastest rate in since 2014 in May as the lifting of lockdown restrictions caused a influx in new orders. The IHS Markit/CIPS construction purchasing managers’ index rose from 61.6 to 64.2 - above economists’ forecasts of 62.3. Any reading above 50 signals growth. Growth was driven by the housebuilders as orders continued to rise on the back of a boom in the housing market. The latest official data suggests that house prices rose by a record 10% last month. This was followed by an increase in commercial work, which expanded at its steepest pace since August 2007, “UK construction companies reported another month of rapid output growth amid a surge in residential work and the fastest rise in commercial building since August 2007", said Tim Moore, economics director at IHS Markit. |
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Daily Mail (04/06/2021) Financial Times(04/06/2021) Sky News (04/06/2021) The Times (04/06/2021) |
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Mortgage completions for home movers jumped 82% in the Q1 of 2021, compared with the same period last year, while completions for first-time buyers increased 31%, according to UK Finance. |
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New research conducted by Boiler Central using figures from the ONS has shown that Newham is the most affordable place to live in London for those seeking to send their children to the best schools. Newham had 35% of its schools rated as outstanding by the educational inspector, and it had the sixth lowest average house prices in the study with an average cost of £410,288. Barking and Dagenham was placed at the bottom of the list, despite having the lowest average house prices in London, at £323,953.90. This was because only 12% of its schools are rated outstanding by Ofsted. |
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With house prices rising at the fastest pace in nearly seven years last month, soaring over 10% to a record £242,832, Robert Gardner, Nationwide’s chief economist, said: “The market has seen a complete turnaround over the past twelve months”. The key factor driving prices up now is shifting housing preferences, Mr Gardner explained. There is now "a race for space" with more people looking for a garden or easier access to parks. While Nationwide predicts room for growth in house prices over the next few months, a rise in unemployment when the government's job protection schemes come to an end could potentially see activity abruptly fall, it said. |
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Banks and building societies are calling on ministers to extend help for those struggling to pay their mortgage owing to the financial effects of the coronavirus. Support for Mortgage Interest (SMI) is a loan available to some people in the UK on benefits, which is usually repaid when their property is sold. Applicants have to wait for 39 weeks after losing their job before they are able to make a claim. Banks want the wait cut to 13 weeks, as happened after the financial crisis. The Government said that anyone struggling to pay their mortgage should first go to their lender, who has a duty to support them. However, Charles Roe, director of UK Finance, said: "The wait time and eligibility criteria for Support for Mortgage Interest is preventing much-needed help going to struggling homeowners when they need it most - before their financial circumstances get worse and mortgage arrears start building up". |