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According to Nationwide, house prices have risen by 0.8% in December while the total growth in the year 2020 has been 7.3%. This has been recorded as the highest growth in 6 years. Quarter 1 of 2021 is expected to remain the strongest buyers rush to meet the stamp duty deadline. The end of the stamp duty holiday and rising unemployment is expected to slow down the growth in later quarters of 2021.
UK Finance reports a fall of 2% of First Timer Buyer mortgages in the month of October. This was mainly due to high rates and high LTV mortgages. However, by the end of 2020,10% deposit mortgages have been paving their way to the market providing access for homeowners to purchase properties.
As per the Bank of England, the number of mortgages approved for property purchases has reached 105,000 in November. This depicts an increase of 97,532 compared to October and the highest level since August 2007. The total borrowing obtained to secure a purchase has been recorded at £5.7 Bn, recording an increase of £4.5Bn compared to October and highest since March 2016. Up until November 2020, there had been a record of 715,300 house purchase approvals.
Work-life changes brought in through the pandemic are being depicted through a greater number of people moving out from London. By 2020 people in London have brought 73,950 homes outside of the capital. This has amounted to £27.6Bn worth of properties outside London. These facts are published through the research conducted by Hamptons.
ONS reports an increase of average rent by 14% over the year to November including rent growth of 2.3% in South West and increases by 0.6% in Scotland.
Government plans to create New National parks in England to achieve the Environmental plan. Nationwide Building Society conducted an analysis od house prices in and around the existing National Parks. This analysis concluded that these properties on average is 20% more expensive than the other similar properties.
As per Nationwide, New Forest is the most expensive national park with average house price of £475,000.
New government reforms are expected to bring favorable outcomes for leaseholders. Housing Secretary Robert Jenrick stated that as per the new reforms any leaseholder who chooses to extend the lease on the property will not pay any ground rent to the leaseholder.
The changes in the property investment sector have led to more landlords investing through limited companies. As per Hamptons, 41,700 buy to let limited companies have been formed in 2020 which was an increase of 23% when compared to 2019.
These improvements have led the UK to be attractive to investors. A survey conducted by DLA Piper was named as the top global property investment hotspot. According to the Property master, only 10% of landlords plan to exit from the property market.
At WIS we will help to match the individual circumstances and select the most suitable product.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up the mortgage repayments.