House prices jump 10.9% as 'race for space' intensifies
Caz Blake-Symes • June 8, 2021
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According to a recent BBC News article .UK house prices soared 10.9% in the year to May, the highest level in seven years, according to the Nationwide.
The average house price has risen to £242,832, up £23,930 over the past twelve months.
Buyers are in a "race for space" as they seek larger homes and properties with gardens, Nationwide said "The market has seen a complete turnaround over the past twelve months," said Robert Gardner, Nationwide's chief economist. A year ago, activity collapsed in the wake of the first lockdown with housing transactions falling to a record low of 42,000 in April 2020. But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March," Mr Gardner said.
He added that the extension of the stamp duty holiday from its original end date of March helped to maintain momentum in the market, but it is not the key factor pushing up prices now.
"It is shifting housing preferences which is continuing to drive activity, with people reassessing their needs in the wake of the pandemic," he said.
According to the building society's research, there's "a race for space" with people moving to access a garden or outdoor space more easily. "The majority of people are looking to move to less urban areas," Mr Gardner said.
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If your current mortgage deal is coming to an end, you’ve likely started hearing the words "remortgage" and "product transfer" thrown around. In today’s shifting economic climate, making sure you are on the best possible mortgage rate is more important than ever.
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Happy New Year!
Hope you all had a good Christmas Break and avoided the dreaded coughs and colds.
I had the opportunity over the holiday to review many of the various property and finance reports available online, as well as those to which I subscribe.
Pleasingly, the general tone is very opti
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The Bank of England meets every six weeks to decide what should happen to interest rates, with the aim of keeping inflation to its target and keeping the wider economy healthy. Today, Base Rate was cut from 4% to 3.75%.
With the Budget uncertainty now lifted, buyers and sellers can return to making decisions about their next move. Removing the threat of a new annual property tax from 210,000 homes for sale will help revive market activity in higher-value areas. However, the lack of any stamp duty reform means homebuyers will continue
Please click here to see our November newsletter This month’s edition is packed full of interesting articles, including What does the Budget mean for you? Interest-Only Mortgages For Later Life. Need Short-Term Property Finance? What is the Renters’ Rights Act, and what does it mean for tenants? What You Should Know About Second Charge Mortgages Time to Remortgage? Stunning 5-star Google Reviews! Let Us Help You If You Have Adverse Credit How to Contact Us You can also read more articles on our Blog. We hope you enjoy this Newsletter. If you have any queries, please call Phil Clark on 0117 325 1511 or email info@swmortgages.com
Rachel Reeves has set out details of her second Budget since becoming Chancellor.
Some measures from the yearly tax and spending plan had already been announced in the days leading up to the statement.