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New figures from the Office for National Statistics reveal that house sales fell by 3.9% between April and May to 114,940. The number of houses sold was up from 95,960 in May 2019, while property prices rose at a record pace as buyers reassessed their living needs during lockdown. The stamp duty cut for the first £500,000 of a property’s value has helped to fuel the market, as have record low interest rates. The pace of growth is expected to slow over the coming months as the stamp duty relief is withdrawn but analysts said that housing market momentum would remain strong. In London, properties in Barnet and Richmond saw prices increase by over 9% last year, while the City of London and Westminster reported that prices were down, with demand for city centre homes weakening. |
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House hunters are scrambling to push through property deals ahead of the stamp duty holiday deadline amid fears thousands of deals could collapse. Experts have warned that property buyers are cutting corners on essential surveys for flood risks and Japanese knotweed simply to complete on their property in time. Demand for removal services this month has soared by 200% year-on-year ahead of the tax deadline, according to website AnyVan, while some buyers are moving their belongings into temporary storage facilities to do their deal in time. |
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The build-to-rent sector accounts for about one in five newly completed properties with nearly 83,000 more homes in the capital's BTR pipeline, according to the British Property Federation. Developers in this emerging sector often promise a "new standard" for rental, with benefits including no deposits, long-term tenancies and predictable rents away from the stereotype of the dodgy private landlord. However, there is some scepticism as to whether the sector can be the answer to London’s housing woes. London Tenants Federation, a social housing tenants organisation, says: "Our main concern is whether Build to Rent helps to meet identified housing need in London. A huge problem highlighted by COVID-19 was the high levels of overcrowding in both the social and private rented sectors. BTR is principally for young, single professionals, so doesn't help in addressing this problem". |
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Nationwide Building Society has compared prices within 500 metres of the nearest metro or railway station with similar properties 1.5 kilometres away. The analysis reveals that home buyers in London pay a typical premium of £46,800 to be close to transport links, while those in Glasgow and Manchester face paying around £11,000 more on average. Andrew Harvey, Nationwide's senior economist, said: “The Circle line serves the capital's most expensive areas taking in much of central London. Average house prices are around £850,000 in areas where the nearest station is on the Circle line”. |
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Daily Mail (12/06/2021) Daily Record (12/06/2021) The Independent (12/06/2021) |
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Office for National Statistics (ONS) figures show that house prices rose by 8.9% in the year to April, with this down on the 9.9% year-on-year increase recorded in March. The ONS said March’s increase, which was the biggest since 2007, may have been driven by buyers looking to complete deals before the original stamp duty holiday deadline of March 31st. The average English home sold for £268,000, reflecting high prices in London and the south-east, though the capital, with an average price of £492,000, has had some of the lowest price inflation for five consecutive months. |
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BBC News (16/06/221) Daily Mail (16/06/2021) Daily Mirror (16/06/2021) The Times (16/06/2021) |
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A third of properties sold for more than their asking price in April, the highest number on record. Research from NAEA Propertymark also found the number of people looking for a house was at the highest level in April since 2004, with an average of 427 buyers registered with every estate agent branch. Mark Hayward, chief policy adviser at NAEA Propertymark, said: "The continued imbalance of supply and demand is a concern and has led to a strong sellers' market." |