It’s hard to believe that it’s almost the end of 2021— where does the time go? As we head into November, we’ve been keeping an eye on the latest initiatives and trends emerging in the property industry — and there have been plenty.
Here, we share some interesting developments that emerged over the past few weeks…
UK house price growth soared to 6.6 percent across the UK in September, and Express.co.uk mapped out the hotspots to indicate how the different regions were impacted.
All areas of the UK registered growth, with prices rising the fastest in the North West and East Midlands. Liverpool, in particular, leads among the cities with a double-digit figure of 10.4 percent, year on year. Rises of over 10 percent were also seen in northern towns such as Blackburn and Rochdale.
Property portal, Zoopla says house prices in Yorkshire are forecast to increase by 3% in 2022.
The data points to a clear turning point for house price growth, which it speculates has now peaked after a home buying surge that has this year’s housing market on track to record the highest level of sales (1.5m) since 2007.
Rishi Sunak’s budget announcement earlier this week was met with mixed emotions. The chancellor declared a £24bn ’multi-year housing settlement’, which comprises £11.5bn for affordable housing and £1.8bn on homes for brownfield land — previously developed land that is not currently in use that may be potentially contaminated.
Sunak also announced £5bn for the removal of cladding on unsafe residential buildings, which will be partly funded through a residential property developers’ tax to be levied on developers with profits above £25m at a rate of 4%.
Fellow estate agent, Hamtons said close to 19,000 homes were bought, renovated, and sold in quick succession during the pandemic, with three quarters having sold for more than they were bought for.
This rise in ‘flipping’ was possibly motivated by the opportunity to save up to £15,000 after Chancellor Rishi Sunak axed stamp duty on the first £500,000 of property purchases until 30th June, the zero per cent threshold was then lowered to £250,000, and the tax break ceased entirely at the beginning of this month.