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The housing market has had its strongest start to the year in 17 years, according to Nationwide.

Annual price growth increased to 11.2 per cent in January from 10.4 in December -the sixth consecutive monthly increase. Across the UK, the average house price in January was £255,556.

The lender has warned that the property market will slow this year. Its chief economist Robert Gardner said: "House price growth has outstripped earnings growth by a wide margin since the pandemic struck and, as a result, housing affordability has become less favourable. For example, a 10 per cent deposit on a typical first-time buyer home is now equivalent 56 per cent of total gross annual earnings, a record high."

The Sun

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Several factors combined in 2021 to drive demand for family homes. The pandemic 'search for space', the stamp duty holiday and changing working patterns for office-based workers all contributed to a strong focus on family homes, especially in the wider commuter zones and in rural areas.

As Zoopla forecast in early December, buyer demand bounced back strongly at the start of this year, up to 50% compared to usual levels for this time of year. 

Demand for flats has also risen sharply.

The flats market outside London has been driven by the re-opening of offices, as well as more buyers considering the value of flats, with average flat prices up just 1.9% over the last year across the UK's 20 major cities. In contrast, the average value of a detached family home in these cities is up 8%. Agents have also reported increased interest from investors and homebuyers from overseas signalling some pent-up demand coming back.

Zoopla

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Owners of mid-rise flats with dangerous cladding will no longer have to pay to have it removed from their homes.

The cost will now be passed on to developers and cladding manufacturers, according to the government.

Michael Gove, secretary of state for Levelling Up, Housing and Communities, published his letter to the building industry on January 10th.

In it, he requested that companies and industry bodies work together with the government on a "new deal" to fix the cladding crisis.

They have until early March to agree on a plan to fund and fix unsafe cladding on buildings of around four to six-storeys high.

The estimated cost of work to fix cladding on these buildings is £4bn.

The government is paying for cladding to be replaced on blocks of flats that are above 18m high.

"It is neither fair nor decent that innocent leaseholders should be landed with bills they cannot afford, to fix problems they did not cause," Gove said.

Nicky Burridge - Zoopla Property News

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Everyone at Fox Estates would like to wish you a happy, healthy and prosperous New Year.

Let's hope that 2022 is kinder to us all.

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Everyone at Fox Estates would like to wish you all the very best Christmas you can possibly have.

Let's hope that 2022 is kind to us all.

Please take care.

  1. BANK RAISES INTEREST RATES TO 0.25% TO HELP REIN IN ROCKETING INFLATION
  2. BANK OF ENGLAND REVEALS PLAN TO RELAX MORTGAGE AFFORDABILITY RULES
  3. PROPERTY MARKET SLOWS DOWN OVER CHRISTMAS
  4. INTERNET SEEN AS PRIORITY FOR HOMEBUYERS

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  • We are 100% satisfied and cannot recommend Fox Estates strongly enough. The team were extremely professional, friendly, and approachable from the minute we asked for a valuation right until completion. Their knowledge of the local area was spot on and made the difference on the sale of our house. We are grateful to Chris in particular for his attention to detail, responsiveness to emails and a willing pro-activeness to help keep things moving. I would not hesitate in recommending Fox Estates to my friends and family..

  • Chris Fox put my house on the market on June 13th and advised me to have an open house. 26 people viewed the property and I had 6 really good offers. By 3rd of August we had completed!Chris guided me through the sale with professionalism, integrity, friendliness and his extensive knowledge which can only come from spending 35 years doing a job he is still clearly passionate about.

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  • During my career I have come across many estate agents and Chris really is a true professional, with the highest standards of integrity and professionalism I have seen. As well as having referred him to my own clients and had excellent feedback, I have personally used Chris to sell my property and I have been extremely impressed, and would recommend him to everyone.

  • I instructed Chris to sell my house and when he found a buyer the sale went through in just over 6 weeks. His service was excellent and I would recommended him to anyone. A few months later my mum instructed him to sell her house and again he found a buyer and the sale progressed to completion without a problem. Chris is very knowledgeable and professional and he will give you a very helpful, friendly and attentive service. If you are thinking about buying or selling I would suggest you give him a call

  • I employed Chris Fox to sell my parents home when my mother died last year. He handled the sales with professionalism and respect for my family. He was very eager to secure the right sale and was tenacious on our behalf. He kept us fully informed of all developments during the sale and achieved a very good outcome on our behalf. I would recommend Chris Fox wholeheartedly.

  • AFTER 4 MONTHS OF AGGROVATION WITH ANOTHER ESTATE AGENT I APPROACHED CHRIS ABOUT 2 MONTHS BACK, I EXPLAINED THAT I HATED ESTATE AGENTS, CHRIS HAS GONE A LONG WAY TO REPAIRING THAT IMAGE HAVING DONE A SPLENDID JOB IN SELLING MY HOUSE WITHIN 3 DAYS THE WHOLE PROCESS TOOK 6 WEEKS TO THE POINT I HAD MOVED EXCELLENT ATTITUDE AND A TRUE PROFESSIONAL

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