DATA: Nationwide reported 14.3% annual rise in UK house prices
The data for March was “the strongest pace of increase since November 2004”.
DATA: Zoopla reported house prices rose 8.1% in year to Feb
They report “Buyer demand remains unseasonably high, with demand for family houses more than twice as high as usual for Q1” while the “New supply of homes for sale continues to build, albeit slowly, up 5% on the five-year average”.
DATA: BoE reported 71,000 mortgage approvals for house purchase in Feb
Although 18% lower than last year’s figure for February, this was still 7% higher than the pre-pandemic average. Remortgage approvals were up 40% compared to last year.
DATA: ONS published Q4 2021 Consumer Trends data
DATA: DWP published 2020/21 Family Resources Survey
See the Chart of the Week below for more information.
DATA: DWP published Households Below Average Income statistics
The release comes with warnings about the impact of the pandemic on the collection of these statistics. It finds “there was a reduction in median household income between FYE 2020 and FYE 2021, both before housing costs (BHC) and after housing costs (AHC). The reduction represented a decrease in real terms of 1.7% (BHC) and 1.4% (AHC)”.
DATA: UK Finance published Q3 2021 postcode mortgage lending data
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DATA: DLUHC published data on council tax levels set by local authorities
The data shows “The average Band D council tax set by local authorities in England for 2022-23 will be £1,966, which is an increase of £67 or 3.5% on the 2021-22 figure of £1,898. This figure does not take into account the £150 council tax rebate being given to households in Bands A to D”. It is also interesting to note in relation to the national average that “The average area Band D council tax will be £1,684 across London”.
POLICY: DLUHC published draft legislation on social housing regulation
The release announces they will publicly shame failing social housing providers and launch a Resident Panel to enable tenants to raise complaints. They hope the “reforms will transform the experiences of residents by tightening regulation and holding landlords to account” along with aiming to half the number of non-decent homes by 2030.
REPORT: CIH published 30th edition of the UK Housing Review
The full report is available to CIH members but non-members can download the free executive summary.
REPORT: Resolution Foundation warn on living standards
They warn “The number of English households in ‘fuel stress’ will double from 2.5 to 5 million as a result of the price cap rising from today (Friday), with another 2.5 million households at risk in October if the price cap rises again to £2,500”.
REPORT(PDF): HBF published reported on nutrient neutrality
The report “quantifies the economic losses associated with the under-delivery of homes across the seven catchment areas that were chiefly affected by the nutrient issue prior to the Written Ministerial Statement of March 2022”.
Chart of the Week
DWP have published their latest Family Resources Survey covering 2020/21. Although the sample size (just over 10,000 households) was around half the normal levels, it is still a useful guide to households’ housing tenure and housing costs while we wait for the first 2021 Census releases. The survey covers the UK and the chart below highlights the variation in housing tenure across its constituent countries and English regions. It shows home ownership is lowest in London and the North East, and highest in Northern Ireland and the South East. These patterns suggest that homeownership rates are not simply determined by house prices and supply levels but depend on a number of other factors too.