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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". |
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Typical mortgage rates increased between January and June this year according to Moneyfacts, despite headline-grabbing 0.99% deals coming to the market. Ten-year fixes saw the biggest rate rise, increasing from 2.85% to 2.98%. While rates could come down, Moneyfacts experts say taking a longer fix now could be a good hedge against future volatility in the aftermath of the pandemic. Since the beginning of this year, the interest rate has gone up on the typical two, five and 10 year fixed mortgage, according to finance experts at Moneyfacts. |