UK House Prices – Latest News, 2022/4/14
2022-04-15
14 April: Record Rent Increases For Tenants In Britain
Private rents in Britain rose sharply in the last 12 months to reach an average £1,088 per calendar month (pcm) for properties outside London, according to data from Rightmove.
This 10.8% increase from £982 pcm is the largest annual jump recorded by the property website.
Manchester and Liverpool saw the steepest increases, with average rents growing by 19.3% and 17.1% respectively.
In the capital, rents reached a record average of £2,193 pcm in the first quarter of 2022. This represents an increase of 14.3% compared with this time last year, when the average London rent was £1,919.
According to Tim Bannister, director of property data at Rightmove, soaring rents are the result of increased demand and diminished supply: “On the supply side, we’re hearing from agents and landlords that tenants are signing longer leases, which has prevented some of the stock that would normally come back onto the market from doing so.
“When it comes to demand, we’re still seeing the effects of the pandemic, whereby tenants are balancing what they need from a home and how close they need to live to work with where they can afford.”
These record highs come at a time when many households are already feeling the pressure of an ongoing cost-of-living crisis, fuelled by rising prices across the board, from energy and fuel to groceries and Council Tax.
13 April: Annual House Price Inflation Soars To 10.9%
Average price up 10.9% in year to February
Average cost of UK home at £277,000
Wales is best-performing area
Average UK house prices rose by 10.9% in the year to February 2022, up from the 10.2% the previous month, according to the latest figures from the Office for National Statistics (ONS).
The ONS said the price of an average UK home stood at £277,000 in February, an increase of £27,000 on the same month last year.
Wales led the way in terms of the largest national house price increase, with the average property climbing in value by 14.2% to £205,000 in the 12 months to February.
Next came Scotland, which recorded a price rise of 11.7% to £181,000. England registered a rise of 10.7% to £296,000, while prices in Northern Ireland climbed 7.9% to £159,000.
In terms of UK regional performance, the South West and East of England each recorded the strongest annual growth with prices rising by 12.5% in the year to February 2022.
Average prices in London rose by 8.1% over the same period. This was the weakest of the UK’s regions, although the figure was up sharply from the 3.8% registered by the capital in January this year.
Mortgage market
Amanda Aumonier, head of mortgage operations at online mortgage broker Trussle, said: “In the midst of a cost-of-living crisis, the property market seems at odds with the rest of the economic climate. All of the indicators show that house price growth is continuing to go from strength to strength.
“However, the dashboard warning lights are starting to light up. Households are projected to be worse off by around £900 per year from inflation alone, which will without doubt have a knock-on effect on the property market. Lenders are clearly beginning to realise this and are betting on an economic downturn impacting the property market.”
Aumonier added that in recent days, interest rates on five and 10-year mortgage products had begun to fall in line with, and in some cases drop even lower than, the rates on two-year home loans.
Nicky Stevenson, managing director at estate agent Fine & Country, said: “House price growth continues to move at a rate of knots and it remains unclear whether this marks the apex of this unprecedented boom.
“At the moment, cash-rich buyers appear to be shrugging off the challenges that are mounting in the broader economy, but the picture may change in the summer as lenders reassess affordability tests.”
Private rents in Britain rose sharply in the last 12 months to reach an average £1,088 per calendar month (pcm) for properties outside London, according to data from Rightmove.
This 10.8% increase from £982 pcm is the largest annual jump recorded by the property website.
Manchester and Liverpool saw the steepest increases, with average rents growing by 19.3% and 17.1% respectively.
In the capital, rents reached a record average of £2,193 pcm in the first quarter of 2022. This represents an increase of 14.3% compared with this time last year, when the average London rent was £1,919.
According to Tim Bannister, director of property data at Rightmove, soaring rents are the result of increased demand and diminished supply: “On the supply side, we’re hearing from agents and landlords that tenants are signing longer leases, which has prevented some of the stock that would normally come back onto the market from doing so.
“When it comes to demand, we’re still seeing the effects of the pandemic, whereby tenants are balancing what they need from a home and how close they need to live to work with where they can afford.”
These record highs come at a time when many households are already feeling the pressure of an ongoing cost-of-living crisis, fuelled by rising prices across the board, from energy and fuel to groceries and Council Tax.
13 April: Annual House Price Inflation Soars To 10.9%
Average price up 10.9% in year to February
Average cost of UK home at £277,000
Wales is best-performing area
Average UK house prices rose by 10.9% in the year to February 2022, up from the 10.2% the previous month, according to the latest figures from the Office for National Statistics (ONS).
The ONS said the price of an average UK home stood at £277,000 in February, an increase of £27,000 on the same month last year.
Wales led the way in terms of the largest national house price increase, with the average property climbing in value by 14.2% to £205,000 in the 12 months to February.
Next came Scotland, which recorded a price rise of 11.7% to £181,000. England registered a rise of 10.7% to £296,000, while prices in Northern Ireland climbed 7.9% to £159,000.
In terms of UK regional performance, the South West and East of England each recorded the strongest annual growth with prices rising by 12.5% in the year to February 2022.
Average prices in London rose by 8.1% over the same period. This was the weakest of the UK’s regions, although the figure was up sharply from the 3.8% registered by the capital in January this year.
Mortgage market
Amanda Aumonier, head of mortgage operations at online mortgage broker Trussle, said: “In the midst of a cost-of-living crisis, the property market seems at odds with the rest of the economic climate. All of the indicators show that house price growth is continuing to go from strength to strength.
“However, the dashboard warning lights are starting to light up. Households are projected to be worse off by around £900 per year from inflation alone, which will without doubt have a knock-on effect on the property market. Lenders are clearly beginning to realise this and are betting on an economic downturn impacting the property market.”
Aumonier added that in recent days, interest rates on five and 10-year mortgage products had begun to fall in line with, and in some cases drop even lower than, the rates on two-year home loans.
Nicky Stevenson, managing director at estate agent Fine & Country, said: “House price growth continues to move at a rate of knots and it remains unclear whether this marks the apex of this unprecedented boom.
“At the moment, cash-rich buyers appear to be shrugging off the challenges that are mounting in the broader economy, but the picture may change in the summer as lenders reassess affordability tests.”
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