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.