Weekly Summary: 3rd December 2021

DATA: Nationwide reported UK house prices rose 10% in year to November

This was a slight increase compared to last month’s figure of 9.9%.

DATA: Zoopla reported a 6.9% annual rise in UK house prices

The report shows house prices rising fastest in Liverpool (10.6%) and Manchester (8.7%). They also report “The new supply of homes being listed for sale has been running 5% to 10% below typical levels seen in 2017-2019 for most of this year” but “the total stock of homes for sale is down more than 40% on the five-year average”.

DATA: Bank of England reported a fall in mortgage approvals for purchase

The number of mortgage approvals for house purchase fell 6.5% in October, to 67,200. That’s just 1% higher than the pre-pandemic average.

DATA: Bank of England reported falls in gross and net mortgage lending

The data for October reflects the ending of the stamp duty holiday the previous month with a 37% fall in gross secured lending and the net change in secure lending falling 83%.

DATA: DLUHC reported a fall in Help to Buy equity loan completions in Q2

Help to Buy completions fell 30% compared to the previous quarter. However, this partly reflects the tighter criteria (first time buyers only) and seasonal effects as the total number of completions in the year to Q2 rose to 60,600, the highest annual figure recorded.

DATA: Homes England reported housing statistics for April to September

They report an increase in starts and completions delivered through Homes England programmes compared to the same period in 2020. However, a more accurate comparison to the same period in 2019 shows completions were 4% lower and starts were 27% lower.

DATA: HM Treasury mortgage guarantee statistics suggested a slow start

The data covers the first three months of the scheme and shows there were just 812 mortgage completions during the period. This was only 0.7% of total first time buyer completions during the period. This low figure probably reflects the amount of time it takes for a purchase to complete and the next set of data should provide a more realistic measure of the scheme’s scale. However, the scheme’s success should not just be measured in the number of completions it directly supports. Its more important role was to signal to lenders that the government is supporting the housing market. Therefore broader measures of high loan-to-value lending will be just as important for monitoring the scheme’s success.

DATA: HM Treasury published Help to Buy ISA statistics for Q2

The scheme closed to new accounts in November 2019 but existing account holders can continue to save and receive a bonus when buying a home. To date, the scheme has been used to buy 435,798 properties with most homes priced between £150k and £200k. The average bonus paid out is £1,439 which is 0.8% of the average purchase price.

DATA: UK Finance published Q3 data on later life mortgage lending

It shows “There were 44,130 new later life mortgages in Q3 2021, with total lending in the quarter of £6.46 billion” and the report looks at Retirement Interest Only (RIO) mortgages.

REPORT: Resolution Foundation reported on the decline in youth home ownership

The report highlights the challenges faced by young people trying to buy a home in the current housing market, particularly those with lower incomes or looking to buy alone.  It finds “only 4 per cent of young non-home owning family units in 2016-18 had both the required earnings and savings to access buy the typical first-time buyer home in their region”. They suggest that “if policy makers are truly serious about turning home ownership trends around, it is clear that radical action is required”.

REPORT: CSJ reported on exposing the hidden housing crisis

The report shows “the collapse in the supply of decent, affordable homes for people living on modest to low incomes has not just made homeownership even less attainable. It has made it harder to start and maintain healthy families, to thrive in work, and to provide an educational foundation for children” and suggests “A new vision for affordable housing is desperately needed”.

REPORT: FCA publishes Mortgage Prisoners Review

The review “sets out the loan and borrower characteristics of the wider population of 195,000 mortgages in closed books with inactive firms. The review includes our estimate of the number of these borrowers who can and cannot switch and the number of mortgage prisoners”.

Chart of the Week

This week, the ONS published their national balance sheet estimates, an update of their preliminary estimates published in April. They estimate the UK’s total net worth at £10.7 trillion with household net worth of £11.2 trillion. At £5.9 trillion, land and property is a substantial part of households’ net worth (52% in 2020) and, as the chart below shows, it increased 6.5% in 2020 thanks to higher house prices. The chart also shows that, while our physical homes are clearly important, the vast majority (73%) of households’ property wealth is found in the value of the underlying land. However, this figure for the value of land should not be confused with the cost of development land as discussed in this old blog.

Weekly Summary: 26th November 2021

DATA: HMRC reported UK residential transactions fell 28% in October

With just 76,930 transactions in October, this was well below recent highs and 22% below the pre-pandemic trend. However, this fall reflects the expected post stamp duty holiday lull as buyers rushed to beat the deadline and may continue for several months.

DATA: DLUHC reported net housing additions of 216,490 in 2020/21

Net supply in England fell 10.8% compared to the previous year, reflecting the slowdown in the housing market during the 2020 lockdown. See Chart of the Week for more detail.

DATA: DfC(NI) published Northern Ireland Housing Bulletin

The release provides a quarterly summary of the housing market in Northern Ireland.

DATA: ONS published long-term international migration estimates

The provisional and experimental estimates suggest net migration fell 88% in 2020, to just 34,000 people. This compares to 271,000 in 2019.

DATA: ORR published estimates of rail station usage in 2020/21

The data provides estimates for the number of entries/exits and interchanges at each station in Great Britain. Train stations linked to airports were among those with the biggest percentage falls in entries and exits compared to the previous year.

POLICY: Homes England launched Help to Build: Equity Loan prospectus

REPORT: JRF and Nationwide reported on talking about housing

The research finds that the many people in the UK holds beliefs and attitudes towards housing that stand in the way of building support for social change. It provides advice on how to communicate about the issues facing housing in the UK.

REPORT: Crisis published Homelessness Monitor: Wales 2021

The report provides analysis of the “homelessness impacts of recent economic and policy developments in Wales”.

REPORT: GLA reported on “Who moves into social housing in London”

The report investigates “data on social housing lettings in London, in order to understand more about the characteristics of people who move into social housing in London”.

REPORT: Nationwide reported on first time buyer affordability

The report provides a summary of the affordability pressures facing prospective first time buyers on average earnings. However, it does not tell us about actual first time buyer affordability as they tend to have higher incomes than average.

REPORT: Savills reported on affordable housing supply

The report looks at the opportunities and challenges facing the affordable housing sector.

Chart of the Week

The fall in net housing supply for England during 2020/21 was not a surprise given the much earlier availability of EPC and Council Tax data. However, it still provides a useful guide to housing supply including its various components. The largest component of net housing supply is new build completions and we’ve been lacking a reliable leading indicator for it. However, with the latest net supply data, we can now test the improvements to DLUHC’s quarterly Indicators of New Supply data and find out if it’s become a more reliable leading indicator in recent years. To do this, we have rebased the Indicators data to the 2018/19 Net Additions new build data. As the chart below suggests, it has then reliably predicted the trend in completions over the last two years. If it continues to be an accurate leading indicator then rebasing the latest quarterly data suggests new build completions rose to 230,000 in the year to Q2 2021. That would be the highest level in a long time.

Weekly Summary: 19th November 2021

DATA: Rightmove reported 6.3% annual rise in asking prices in November

They reported a monthly fall in asking prices but this is usual for this time of the year as the index is not seasonally adjusted. The number of new listings remains lower than recent years and the average stock per agent (including under offer and sold subject to contract) was 13% lower in October 2021 than the same month in 2019.

DATA: ONS reported UK house price rose 11.8% in the year to September

This was an increase from last month’s figure of 10.2%, though it’s possible these figures may be revised due to low sample numbers caused by the lag in sales being registered. Regional data showed high house price growth (9%+) in all regions except London (2.8%).

DATA: ONS reported a continued recovery in the UK’s labour market

The data showed the number of payrolled employees above pre-pandemic levels while the unemployment rate fell to 4.3%. Average weekly earnings rose 4.4% compared to last year, a lower rate than last month as temporary factors relating to the pandemic reduce.

DATA: DLUHC reported affordable housing data for England, 2020-21

They reported 52,100 affordable homes (all tenures) were delivered in 2020-21, an 11.5% fall compared to the previous year. This is most likely due to the impact of the pandemic.

DATA: ONS reported £1.4 billion Stamp Duty Land Tax receipts in October

See Chart of the Week for more information.

DATA: Zoopla reported UK private rents rose 6% in year to Q3

They reported “Strong rental demand in Q3 pushed rental growth to the highest levels in 13 years” with London also reported growth for the first time since the pandemic hit.

REPORT(pdf): BPF report on “Who lives in Build-to-Rent?”

The report provides a summary of the profile of build-to-rent residents and they are more likely to be younger, live as couples, be students or finance/professionals, and have higher incomes than residents in the wider private rented sector.

REPORT: CaCHE reported on “Living Through The Building Safety Crisis”

The report “discusses the mental wellbeing impacts of the building safety crisis” and “outlines the spectrum of wellbeing harms that were experienced by those living through the crisis and the different drivers of harms”.

Chart of the Week

Today’s ONS Stamp Duty Land Tax (SDLT) data showed £13.4 billion in total receipts for the year to Oct 2021. That’s the highest level since April 2018 and is not far off the Jan 2018 peak of £13.7 billion (based on nominal prices). As we’ve also seen in other data, it appears lots of buyers have still been liable for SDLT this year despite the extended tax holiday.

Weekly Summary: 12th November 2021

DATA: ONS estimated GDP rose 0.6% in September

Their estimate shows GDP is just 0.8% lower than its pre-pandemic peak in January 2020.

DATA: UK Finance reported falls in mortgage arrears in Q3 2021

They reported a quarterly fall in the number of mortgages in arrears for both owner-occupier and buy-to-let mortgage holders. Arrears for both are near historic low levels.

DATA: Ministry of Justice reported Q3 mortgage & landlord possession data

They reported large percentage increases in workload and repossessions across England and Wales but actual numbers are still well below pre-pandemic levels.

DATA: DLUHC published Council Taxbase for England, 2021

The data provides estimates for the number of properties liable for Council Tax in September 2021. It also provides an alternative source for net housing supply, suggesting an increase of around 220,000 homes in the year to September 2021.

DATA(pdf): RICS market survey reports a lack of stock holding back activity

They reported “Sales soften over the month, but buyer enquiries return to positive growth” and “Lack of stock remains an issue, with new instructions falling once again”.

DATA: ONS published analysis on the energy efficiency of housing

The analysis covers England and Wales and uses energy performance certificates to investigate trends in the energy efficiency of housing.

POLICY: Scottish Government published  their Draft Fourth National Planning Framework (NPF4)

They have also launched a consultation on the document

REPORT: Centre for Public Data reported on overseas property ownership

Using FOIs, they’ve published data from Land Registry on the number of properties owned by individuals registered as living overseas. See Chart of the Week for more.

REPORT: CIH reported on supply chain challenges in Wales

The research highlights the challenges faced by providers of social and affordable homes in Wales affecting both the delivery of new homes and the maintenance of existing ones.

REPORT: Knight Frank survey highlighted supply chain pressures

Their survey of “over 50 of England’s leading volume and SME housebuilders” found that “61% of respondents said that supply chain issues and rising material costs were the biggest challenges adding pressure to their bottom line”.

REPORT: Savills published housing market forecasts

They predict UK house prices will rise 3.5% in 2022 and 13.1% over the next five years.

Chart of the Week

Today the Centre for Public Data have significantly improved our understanding of overseas property ownership with the release of their latest report. Until now we’ve only had public data on properties owned by overseas companies but today’s release provides data on the number of properties owned by individuals with overseas correspondence addresses. While we don’t have the individual property records and some overseas owners may have their properties registered with UK correspondence addresses, the data does cover all local authorities in England and Wales, and individual countries of correspondence. Our chart of the week shows the trend in this data over time by region with London both rising fastest since 2010 and containing the most properties. However, reflecting broader market trends, it is the North West that has seen the biggest percentage increase since 2014.

Weekly Summary: 5th November 2021

DATA: Halifax reported UK house prices rose 8.1% in year to October

They reported another record high for house prices while the annual growth rate increased to 8.1% from 7.4% the previous month.

DATA: Nationwide reported annual house price growth of 9.9% in October

They reported UK house prices rose 0.7% compared to the previous month though the annual growth rate fell slightly from 10.0% in September to 9.9% in October.

DATA: HMRC published stamp duty land tax statistics covering Q3

The data is covered in more detail in the Chart of the Week below.

DATA: DfT released journey time statistics for England, 2019

The data provides “Journey times from local residential neighbourhoods to a range of local services by car, cycling, public transport and walking, and walking only.” The release includes statistics at Lower Super Output Area (LSOA) geographies.

GUIDE: ONS published user guide to understanding variant projections

The guide to variant population and household projections is to “provide guidance and examples for those wishing to understand and use variant projections in policy and planning”.

REPORT: Building Back Britain Commission proposes new measure of housing need

The report assumes that the government’s levelling up agenda will lead to greater employment growth outside of London and the South East. It suggests the areas most in need of levelling up will require an additional 13,000 to 67,000 new homes per year. To quote BuiltPlace colleague Nick Gregori: “The market signals era is over”.

REPORT: Savills reported on branded residences

The report provides a summary of the global branded residence market including an explanation of what they are: “Luxury homes that are associated with an established brand and offer a range of services”.

Chart of the Week

The latest SDLT statistics from HMRC were published today. The data now includes the third quarter of 2021 and show a slight fall compared to the previous quarter due to the trough in transactions following the tapering of the SDLT holiday in June and the smaller spike as the SDLT holiday finally ended in September. Comparing this latest data with the same period in 2019 shows the biggest increase in activity was transactions priced £500k and above (34%) while HRAD transactions increased 19% over the same period. Combining all non-liable transactions and those priced under £500k for consistency shows this large group, which covered the majority of transactions, increased by just 11%.

Weekly Summary: 29th October 2021

DATA: Zoopla reported UK house prices rose 6.6% in year to September

They reported house prices are rising fastest in Liverpool (10.4%) and Manchester (8.7%), and are forecasting house prices to rise 3% in 2022 and 1.2 million transactions.

DATA: Bank of England reported mortgage approvals fell 2% in September

The number of mortgage approvals for house purchase continued to slowly fall in September, though were still 10% higher than the pre-pandemic average.

DATA: DLUHC reported a 4% fall in new build EPCs issued in Q3

New build Energy Performance Certificates (EPCs) are a useful leading indicator for net housing additions. The small fall reduced the annual total for England to 247,000 (prev. 252,000). This was driven by a 9.4% fall in the supply of new houses while flats rose 4.1%.

DATA: DLUHC released Statutory Homelessness statistics for Q2

Though the numbers are still smaller than prior to the pandemic, there was “a 105.0% increase in threatened homelessness due to service of a Section 21 notice to end an Assured Shorthold Tenancy” as the period covers the removal of most private rental eviction restrictions. The next release should provide more clarity on this trend.

DATA: ONS published Employee earnings in the UK: 2021

The release, using data from the Annual Survey for Hours and Earnings (ASHE), provides a useful summary of employee earnings although it has been affected by the pandemic. The data is regularly used to calculate local authority level housing affordability measures.

POLICY: HM Treasury announced Budget and Spending Review

The budget was relatively underwhelming from a housing perspective, especially given the preceding press briefings. There was the usual scramble to figure out how the Chancellor had reached the “nearly £24 billion” headline and how much was new commitments (not much). It also confirmed the Residential Property Developer Tax rate of 4%.

REPORT: OBR published Economic and fiscal outlook – October 2021

The report updates their forecasts for the economy and public finances. We have explored their forecasts in our latest Housing Market Commentary.

REPORT: GLA published Housing in London 2021 report

The report provides a wealth of information on the state of housing in London and, best of all, most of the data it contains is also available to download from the London Datastore.

REPORT: Housing Ombudsman report on damp and mould

They say “social landlords should adopt a zero-tolerance approach to damp and mould”.

REPORT: Savills published Residential Development Land – Q3 2021

They report the “Strongest growth in greenfield land in ten years” with a “Shortage of all sizes of sites”.  The capital is the one outlier with residential land values falling over the last year in both central and outer London.

Chart of the Week

With rising inflation, attention has inevitably turned to the future path of interest rates and many are now expecting them to rise in coming months and years. In terms of actual mortgage rates in the market, today’s data from the Bank of England shows the continued fall in the average mortgage rate on outstanding mortgages as the rates available on new lending are, on average, lower. Next year could see this trend reverse, with new mortgages threatening to become more expensive than those on existing deals. A longer period of rising mortgage rates would be a new experience for many mortgaged homeowners and the impact on household finances is far from clear. Much would depend on both the scale and speed of any increases relative to household income growth. It looks like one of the major drivers of housing market trends over the last thirty years may be about to reverse.

Weekly Summary: 22nd October 2021

DATA: Rightmove reported 6.5% annual rise in asking prices in September

They reported record high prices across all regions and market sectors (“first-time buyers, second steppers and top of the ladder”) for the first time since 2007.

DATA: ONS reported annual UK house price growth of 10.6% in August

A 2.8% monthly increase raised the annual growth rate from 8.5% the previous month.

DATA: HMRC reported 161,000 residential transactions in September

Transactions were 62% higher than their pre-pandemic average as the stamp duty holiday in England & Northern Ireland finally ended. See Chart of the Week for more information.

DATA: ONS reported SDLT receipts of £1.35bn in September

The figures, covering residential and commercial property, reflect the large number of transactions as the SDLT holiday ended and the large proportion that were liable for the tax.

DATA: ONS published analysis of house prices in towns in England & Wales

The report provides analysis of house price trends in towns across the country though the time series analysis makes no allowance for changes in the mix of homes selling.

DATA: ONS released Construction statistics, Great Britain: 2020

The release provides a summary of statistics on the construction industry in 2020.

POLICY: Government launched Net Zero Strategy

It includes the Heat and buildings strategy which includes the Boiler Upgrade Scheme and Heat Pump Ready programme to improve the energy efficiency of the housing stock.

REPORT: CIH released UK Housing Review briefing paper

The paper covers a number of topics and “argues that stamp duty concessions were not required to stimulate the housing market and extending its duration by three months in England and Northern Ireland was unwise”.

REPORT: JRF research on the indebtedness of low income households

The research found “that 3.8 million low-income households across the UK are in arrears, and 4.4 million have had to take on new or increased borrowing through the pandemic”.

Chart of the Week

This week HMRC reported the final transaction spike of the year as the stamp duty holiday finally ended in England and Northern Ireland. The next couple of months’ data will probably fall below normal pre-pandemic levels as buyers rushed to complete before the end of September. Beyond that there’s still some uncertainty about what level transactions will return to. The data is still provisional but transaction data for Scotland and Wales gives some clues with activity holding at higher levels than typically seen prior to the pandemic. Other leading indicators also show housing market activity higher than pre-pandemic levels with Rightmove reporting sales agreed in September were 15.2% higher than 2019.

Weekly Summary: 15th October 2021

DATA: ONS reported a 0.4% monthly rise in GDP during August

The latest estimate reported GDP rose 6.9% over the last year and is now 1.1% below the pre-pandemic peak of February 2020.

DATA: ONS reported a continued recovery in the UK labour market

HMRC data showed an increase in payrolled employees during September which returned the total number back above the pre-pandemic peak. The unemployment rate continues to track downwards, 4.5% in August, and there are record high job vacancies.

DATA: DLUHC released final Household Resilience Study

The latest and last survey covers April-May 2021 and highlights the stress households have experienced during the pandemic. Some of the main findings included: “There were more households in mortgage arrears in April-May 2021 than there were before the pandemic”, “Private rental arrears remain higher than they were pre-pandemic”, and “Overcrowding remains higher than it was pre-pandemic, particularly in the  private rented sector”. The three waves of the survey provide useful evidence for the impact of the pandemic and we’ve explored how renters’ expectations of buying have changed in the Chart of the Week.

DATA: ONS reported a 4.1% fall in births during 2020

The data for England and Wales showed a further decrease in live births to 613,936, with a total fertility rate of 1.58. This was the lowest fertility rate since records began in 1938 and is well below the replacement level of 2.08.

DATA(pdf): RICS reported “Buyer demand steadies while new instructions remain thin on the ground” in September market survey

They also reported “Sales and instructions reportedly soften again over the month” but “sales are expected to hold broadly steady going forward” due to stable buyer demand. It is a similar story in the rental market with strong tenant demand across all regions, shortages of available homes to rent, and rising rents.

DATA: Rightmove reported annual rental growth of 8.6% in Q3

The latest data highlights the reversal of city centre rents. Despite falls in rents during the first year of the pandemic, most cities are now reporting rent rises since February 2020. However, the shortage of homes to rent is most severe in rural and suburban markets.

DATA: Bank of England released Q3 Credit Conditions Survey

Lenders reported increased availability of secured credit in the three months to August and expect it to increase further over the next three months (to the end of November). However, demand for secured lending for house purchase decreased in the last quarter and is expected to decrease further in the next three months.

POLICY: DLUHC allocated funding for brownfield land redevelopment

DLUHC announced “Almost £58 million from the £75 million Brownfield Land Release Fund (BLRF) has been allocated to 53 councils” and this will deliver 5,600 homes. If government is serious about focussing on both brownfield development and homeownership, it needs to urgently solve the cladding crisis as many new homes in these locations will be flats.

REPORT: JRF reported on the policy black hole faced by low income renters

Their analysis found that “the high cost of private renting is leaving almost one million families paying rents they cannot afford” and “This is leaving nine in ten of these families in poverty”. They highlight “Work is not a guaranteed route to being able to afford your rent” and that most Government policies “are either not working for this group, or only working for a small proportion of them”. They suggest “the supply of homes for social rent is the solution” with a target of 90,000 homes per year over the next 15 years.

REPORT(pdf): Savills published housing completions forecast

They predict housebuilding volumes in England will not recover to pre-pandemic levels until 2026. They are relying on shared ownership and build-to-rent to make up for most of the decline in delivery when the Help to Buy equity loan scheme ends in 2023.

Chart of the Week

There have been many concerning findings in DLUHC’s final Household Resilience Survey but the one that may worry the government most is the decline in proportion of renters who expect to buy their own home. The 2019-20 English Housing Survey showed nearly 60% of private renters expected to buy a home but that quickly fell to 49% in the summer of 2020 and was just 45% in spring this year. The proportion of social renters is even lower, at just 20% in spring 2021. It remains to be seen how much of this is temporary, possibly reflecting the credit crunch at high loan-to-value ratios and economic uncertainty, or if this reflects more permanent damage to the finances of renters caused by the pandemic.

Weekly Summary: 8th October 2021

DATA: Halifax reported annual house price growth of 7.4% in September

With a 1.7% monthly rise, Halifax reported a record high house price of £267,587 and the annual price change increased to 7.4% from 7.1% the previous month.

DATA: BoE reported further falls in quoted rates for high LTV mortgages

Quoted rates on high loan-to-value (LTV) mortgages are nearly back to their pre-pandemic lows while rates at 75% LTV and below are at or near record lows.

DATA: ONS reported on private rent affordability in 2020

See our Chart of the Week for more information.

POLICY: Boris Johnson promised to “to build the homes that young families need in this country” in his Conservative party conference speech

But “not on green fields” and “not just jammed in the south east”. He promised to build “beautiful homes on brownfield sites” and suggested that solving the national productivity puzzle will be done “by fixing the broken housing market”. The brownfield approach is not new and could lead to significant falls in delivery, especially if the cladding crisis is not resolved. There were also suggestions in the press that housebuilding will be targeted at markets where the lifetime costs of renting are higher than the lifetime costs of owning. This would largely be high rental yield markets in the north of England and mark a substantial departure from current methods of assessing housing need.

REPORT: Savills reported “Nearly £420 million was invested into UK Build to Rent during Q3 2021”

Their latest update reports that there are 64,000 completed build to rent homes in the UK with a further 42,000 under construction. This is a small fraction of the UK’s private rented sector, even when including the additional 100,000 homes in the planning pipeline.

BLOG: Alasdair Rae investigated “The Big Spatial Reconfiguration of Housing and Labour Markets”

Based on the idea that longer commutes might be more tolerable if working less than five days a week in the office, Alasdair looks at housing markets where there might be overlaps in demand from people working in different cities.

Chart of the Week

This week ONS published data on private rental affordability. The data allows the comparison of rents and private renters’ incomes by quartile across English regions.

The data provides a useful guide to the relative affordability of different parts of the market. The chart opposite shows that lower quartile income renters have to pay the highest proportion of their income when living in homes with lower quartile rents. This is the case across all regions. Their actual rental affordability ratios may be lower than suggested by the chart opposite when housing benefit is included in the calculation but is likely to still be higher than the equivalent ratios for median and upper quartile income renters living in homes with median and upper quartile rents respectively.

The regional variations are perhaps less surprising, with London renters paying the largest proportion of their income in rent irrespective of which quartile is used for comparison.

Weekly Summary: 1st October 2021

DATA: Nationwide reported annual price growth of 10% in September

A small monthly rise of 0.1% reduced the annual growth rate from 11% to 10%.

DATA: Zoopla reported UK annual house price growth of 6.1% in August

They reported house prices are rising fastest in Liverpool (9.7%) and Manchester (8.1%) while Aberdeen finally recorded a positive annual price change of 0.2%.

DATA: BoE reported a small fall in mortgage approvals for house purchase

The 74,500 approvals are much lower than the levels seen over the last year but are still 12% higher than the pre-pandemic average.

DATA: ONS revised second quarter GDP upwards

GDP was estimated to have grown 5.5% in Q2 compared to an initial estimate of 4.8%.

DATA: DLUHC Q2 building control data showed a fall in new housing supply

The seasonally adjusted data, which should only be used carefully as a leading indicator, reported a slight fall in starts and completions in Q2. Despite the fall in the latest quarter, the annual total apparently increased to the highest level seen since 1989. However, the comparison may not be accurate due to underlying issues with the data.

DATA: DLUHC released green belt statistics for England, 2020-21

The release reports 1,614,000 hectares designated as green belt, 1,750 less than last year.

DATA: UK Finance published mortgage lending with postcodes data

The data provides a summary of outstanding mortgage lending data at a local level up to Q1 2021. See Table of the Week for more information.

REPORT: ONS reported prices are rising fastest in rural and coastal areas

The analysis of ONS house price indices reports house prices were rising at three times the national rate in some rural and coastal areas.

REPORT: Hamptons forecast 3.5% annual house price growth in 2022

Last year’s forecast for the annual change in prices at the end of 2021 was 0%, now revised up to 4.5%. ONS reported house prices were up 4.7% in July on the same basis so it appears Hamptons are expecting prices to fall slightly in second half of the year.

REPORT: Academics argue that a strong planning system is crucial for tackling inequalities

They argue that “the Government’s anti-planning stance will make levelling up impossible and will make regional disparities worse”.

Table of the Week

UK Finance release quarterly data showing the total value of outstanding mortgage lending by postcode sector and area. The data provides a useful guide to where mortgage lending activity is taking place. Our table of the week shows the top ten postcode areas in terms of the percentage change in outstanding lending from Q4 2019 to Q1 2021. It is interesting to note they are all in the south of England and mostly in and around London. At the other end of the table (not shown), there were reported falls in outstanding lending in Dumfries, Kilmarnock, Aberdeen, and Blackpool.