While the transition into the new year is traditionally a quieter period for the property market, the headlines remain packed with fascinating insight and key updates – from planning and policy to trends and technology.
Here, we share some interesting highlights that have caught our attention throughout January…
Efforts underway to remediate unsafe cladding
UK housing secretary, Michael Gove, has warned major developers to contribute to a £4bn initiative to fix nation-wide cladding issues, or face planning rejections as a consequence.
The government notice is light on detail at this early stage, and some important questions remain unanswered for developers, but the expectation to implement a clear, fully funded plan of action by March 2022 is a promising pledge for landlords and leaseholders across the UK.
A 20-year high for the number of first-time buyers
The number of people taking their first step onto the property ladder soared to 408,379 in 2021 – up by 35% on the previous year.
Accounting for 50% of all mortgaged property purchases, first-time buyers have benefitted from a raft of government schemes boasting low interest rates and deposit requirements in recent years, plus, decreased expenditure during successive lockdowns enabled smarter saving endeavours for many.
House prices hit another record high
Another housing record emerges as demand for property soared by 49% so far this year, compared with corresponding periods in 2018, 2019, 2020, and 2021 — rivalling the rise seen during the stamp duty holiday, according to the latest Zoopla December HPI.
The surge in demand has pushed house prices to an all-time high, with the average cost reaching £242,000 in December — up from £216,500 from the start of 2020.
A seismic shift to house auctioning
The UK’s largest property auctioneer, Auction House, has reported an all-time record for the amount of money raised – as well as a dramatic shift in its website demographic – as a result of the changing focus unearthed by the coronavirus pandemic.
In December alone, Auction House boasted an impressive success rate of 85.5% with 418 out of 489 offerings sold, raising a grand total of £69,145,075 in the process.
Keep an eye out for next month’s property news round-up, to see which headlines catch our attention over the coming weeks – and don’t forget to follow us Facebook, Twitter, and Instagram for more updates.