Whilst house price growth has slowed since the saving buyers could secure on stamp duty was reduced, there remains to be a shortage of supply to the market of property for sale, supporting strong continued price growth and indeed, the forecasts for the UK property market are positive.
Here’s what we’ve seen in the news this week:
Mainstream Residential Property Forecasts: Savills share their latest research and revised forecasts for the property market. UK mainstream house price growth forecast +9.0% in 2021 and transactions to exceed 1.6m for the first time since the credit crunch. Read more.
Housing stock down 40% since January: Estate agent body, Propertymark, has released worrying data showing the scale of the decline in houses coming onto the market. According to research from Propertymark, the housing stock has been steadily declining since January – with the average estate agency branch having approximately 23 properties, a 38% decrease from June 2020 and June 2019 and a 40% decrease since January 2021. Read more.
House price growth slows in July but still hits 9.1%: The cost of housing in England and Wales grew by 9.1% annually this July, according to e.surv’s latest housing report. Logging a monthly change of 0.9%, this leaves the average house price at £336,003. e.surv’s data shows the average house cost £27,900 more in July than it did in June. This compares to £32,500 being added to the June cost over May – which is when the annual growth rate hit 10.7%. Read more.
Extra 2% Stamp Duty for overseas buyers criticised by agents: NAEA Propertymark says additional duty is leading to plethora of sales fall-throughs as purchasers realised additional cost of buying property. Read more.
Property Investment Terms: In our latest article we share an easy to understand glossary of the most commonly used property investment terminology. See the article.