Average property price jumps past £350,000: Rightmove
The average price of a property coming onto the market came to £354,564 in March, shows the latest house price index from Rightmove. This 1.7% monthly increase, which compares to 2.3% in February, is the largest recorded for March since spring 2004. It also means that...
Buoyant property market sees biggest monthly jump in asking price
February has seen the biggest monthly rise in house prices — in cash terms — according to the latest Rightmove property index. According to this property index, asking prices in February hit a record high of £348,804 — a rise of £7,785, or 2.3% when compared to the...
Average cost of a UK home is now a quarter of a million pounds
Property prices have risen by 10% in the last year, as the housing market defied the pandemic The price of a typical UK home has topped a quarter of million pounds for first time, according to Nationwide, hitting £250,311 in October. The building society said that...
Bank of Gran and Grandad gifts £437m over stamp duty holiday
The Bank of Gran and Grandad was open for business during the stamp duty holiday, gifting £437.3m towards buying homes for younger relatives over the last 15 months, according to Key. The relief from the tax ends on Thursday, but during that time over-55s have given...
Labour Party pledges to set up building works agency
The Labour Party has pledged to set up a ‘building works agency’ to fund post-Grenfell repairs. Speaking at the Labour Party Conference, Shadow Housing Secretary Lucy Powell said her party has “a plan” to solve the building safety crisis if re-elected. Shadow...
UK house prices to increase by 30 per cent in the next decade
Research by Comparethemarket.com analysed data from the Office for National Statistics (ONS) from 1992 to 2002 and predicted the UK average house will cost £323,718 by 2031. In London, it is expected this could rise by a third to an average of £619,568. This will...
Four action groups to tackle UK housing crisis
Nationwide Building Society is leading an action plan to tackle the UK housing crisis, which it says has been compounded by the pandemic. More than 25 major organisations have come together and formed action groups that will collaborate to help solve existing and...
Nationwide launches sub 1% five-year fix and slashes rates
Nationwide has introduced a five-year fixed rate sub-one percent mortgage product and has reduced rates by up to 0.4 per cent. The product has a rate of 0.99 per cent and is available from tomorrow at 60 per cent loan to value (LTV). It is eligible for customers...
Asking prices in July rose to another all-time-high
Asking prices in July rose to another all-time-high of £338,447 after increasing for the fourth month in a row and swelling by more than £20,000 in the last six months. Over the last six months, asking prices have risen by £21,389 and £2,374 since June making the 0.7...
HSBC launches its lowest ever fixed rate
HSBC has cut prices on around 40 fixed-rate mortgages by up to 0.3 per cent, leading to the lender’s lowest ever fixed rate mortgage of 0.94 per cent. The lender’s previous low had been a two-year fixed rate priced at 0.99 per cent which was capped at 60 per cent loan...
May’s property sales jump by 123% year on year: ONS
Residential property sales reached their highest May total for seven years last month as buyers rushed to take advantage of the stamp duty holiday, according to official figures. There were 103,100 residential sales in May on a provisional and non-seasonally adjusted...
House building surges in May driven by consumer demand
Construction order volumes grew in May at the fastest pace since records began 24 years ago, driven by the house building sector, the construction Purchasing Managers Index (PMI) showed. Construction output as a whole rose above pre-virus levels in May, with the house...
Buyers outnumber properties by 16 to 1
The percentage of properties selling for over the asking price reached the highest level on record as eager buyers outnumbered available properties by 16 to one, according to NAEA Propertymark. The trade body says that 32% of properties sold for more than asking price...
House prices continue upward trend, rising 10% in March: ONS
House prices in the UK rose 10.2% in the year to March 2021, the highest annual growth rate seen since August 2007. However, the figures from the Office for National Statistics come with the caveat that less transaction data is available for March, meaning there may...
Leaseholders given ‘greater control’ through Commonhold Council
A Commonhold Council has been established by housing secretary Robert Jenrick to allow homeowners to collectively own the building their flat is in, the government has announced. The advisory panel will prepare homeowners for the take up of commonhold ownership,...