Rightmove has released their latest House Price Index, the largest sample of residential property prices, for January 2021. Their latest insights indicate that the market has witnessed an activity surge mainly driven by new buyers, despite slim chances of being the Stamp Duty Land Tax deadline.
New regulations being implemented on 25 November 2020 will allow non-UK nationals in England to evidence their status for Right to Rent through a digital Home Office check and reduce letting agent workloads. Going forwards, the new system will mean that these digital checks specifically, can be conducted permanently via video call, with no need for letting agents to review documents.
The latest research from Zoopla indicates that activity within the UK Housing Market is continuing to run well ahead of 2019 levels. House price growth across the UK has increased by 3.9% and the total monetary value of homes sold in 2020 vs. 2019 is 26% higher.
Zoopla have released their latest insights on the UK Rental Market based on their Rental Index for Q3 2020. Their latest research provides insights into the annual change in rental growth across the UK, regional and city-level market insight data and their predicted outlook for the rental market in the coming months.
According to LonRes’s Market Report 2020, the introduction of new additional restrictions in the capital, people’s homes have become more of a haven than ever. Therefore, buyers and renters continue to prioritise searching for a property that is capable of adapting to their changing needs.
Meaning that despite ongoing economic uncertainty, buyers and prospective vendors are continuing to drive into the market. This has resulted in an increased number of properties going under offer for the third consecutive month in September, and the number of homes coming to market almost doubling on 2019 levels.
Zoopla released their UK Cities Index Report for February, stating that UK house price growth is 1.6%, a 1.2% increase compared to a year ago, with cities in the North and the Midlands continuing to dominate.
Rishi Sunak, the Chancellor of the Chequer, delivered his first Budget Statement to the House of Commons earlier this month, outlining proposals for changes to taxations and included forecasts for the UK Economy. During this announcement, he also made several pledges to support the housing market, which we have summarised and provided a brief overview below.
The UK Government has proposed The Electrical Safety Standards in the Private Rented Sector (England) Regulations 2020, meaning landlords or agents working on behalf of the landlord must ensure every fixed electrical installation is inspected and tested at least every 5 years by a qualified person.
With completion just around the corner, take a look at progress on site at The Loom at Vulcan Mill, Manchester.
The Conservatives are now enjoying a significant majority in Parliament, 80 seats to be precise. Are you wondering what impact the Conservative victory will have on the property market? Find out more in our post election blog.