Knowledge Hub

Details

Published: 20 October 2021

Hits: 823

The average price tag on a home has hit a new high for every part of Britain and property type for the first time since 2007, data shows.

Across Britain, the average asking price jumped by 1.8 per cent or £5,983 this month to reach £344,445, property website Rightmove's analysis revealed.

On a first-time buyer home, it hit £210,672, while for a property typically bought by someone taking their second step on the ladder, prices reached £315,486.

For a larger family-sized home at the top of the market, the average was £630,819.

Tim Bannister, from Rightmove, said: 'Competition for property for for sale remains hot this Autumn, with average prices jumping by almost £6,000 in the month. Although more properties are coming on the market, the level is still not enough to replenish the stock that's being snapped up. Consequently, new price records have been set across the board. This "full house" is an extremely rare event, happening for the first time since March 2007.'

Mr Bannister said stock shortages were seen after the first coronavirus lockdown last year and look set to continue.

The number of sales being agreed was up by 15.2 per cent in September compared to the same period in 2019, figures showed.

Cory Askew, of Chestertons estate agents, said: 'Despite the stamp duty threshold (in England and Northern Ireland) having returned to it's normal level on 1st October, the demand from house hunters hasn't slowed down. London is seeing a return of office workers and steady influx of international buyers. Sellers have taken note of this and with a higher demand for properties, don't feel the need to lower their price.'

Daily Mail

Details

Published: 14 October 2021

Hits: 847

Builder Barratt Developments shrugged off supply chain issues saying it is on track to complete between 17,000 and 17,250 homes in the year ending next June.

Barratt said it has noticed "some macroeconomic uncertainty" but its financial position is strong enough to react to changes this year. Chief executive David Thomas said: "We continue to work closely with our suppliers and sub-contracrors and haven't experienced any significant disruption to our builkd programme as a resultof the challenging supply chain environment."

But building costs will rise by up to 5 per cent this year, Barrett predicts.

The Sun

Details

Published: 13 October 2021

Hits: 830

Thousands of new homes will be built on underused and derelict land to regenerate local areas and help people onto the property ladder, the Department for Levelling Up, Housing and Communities (DLUHC) announced on 12th October.

Almost £58 million from the £75 million Brownfield Land Release Fund (BLRF) has been allocated to 53 councils.

The funding will boost local areas by transforming unloved and disused sites into vibrant communities for people to live and work, with the demolition of unsightly derelict buildings and disused car parks and garages. This will help to protect countryside and green spaces while an extra 5,6000 homes are built on theses sites, supporting young people and families across the country into home ownership.

The funding could also support up to 17,000jobs across the housing and construction sector and the wider economy.

Secretary of State for Levelling Up, Michael Gove said: We are levelling up and backing home ownership in every corner of the country, delivering new high-quality, affordable homes and creating thriving places where people want to live, work and visit. making the most of previously developed land is a government priority and it will help protect our cherished countryside and green spaces.

The allocations include £5 million for self and custom build projects. A further £20 million from the BLRF has also been designated to help accelerate the self and custom build sector, with councils now able to bid for the remaining funding - giving local people the opportunity to build and design their own homes.

Details

Published: 29 September 2021

Hits: 873

The ending of the 'tapered' stamp duty holiday has had little impact on buyer demand which remains higher than typical levels for this time of year.

The demand coming from buyers searching from space and making lifestyle changes after consecutive lockdowns, has further to run.

Balancing this however, will be the ending of government support for the economy via furlough and more challenging economic conditions overall, which we believe will have an impact on market sentiment as we move through the last quarter of 2021.

The market is expected to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year, although lower than current levels of +6.1%.

Stock levels will start to rebuild in early 2022 as market activity returns to more normal levels.

Zoopla