Weekly Summary: 25th June 2021

DATA: Rightmove reported record high asking prices in all countries and regions of Britain in June

They also reported “The number of sales agreed on properties over £500,000 in May was 49% above the same period in 2019, despite buyers knowing they will miss the maximum stamp duty saving that comes to an end in June“. Sales agreed across the whole market were 17% higher in May 2021 than May 2019, down from 45% in April.

DATA: HMRC reported 115,000 residential transactions in May in the UK

The number of transactions was 4% lower than the previous month but still 16% higher than the average number recorded between 2013 and 2019.

DATA: MHCLG reported a fall in Council Tax collections rates in 2020-21

The amount collected increased by 1.9% but the in-year collection rate fell to 95.7% (down from 96.8% in 2019-20). The release also showed that collection rates fell most in Inner London boroughs (95.6% to 91.9%). They note that government grants and funding will have contributed to the fall but it’s also possible that changes in population were a factor.

DATA: ONS released mid-2020 population estimates

They estimate the UK’s population continued to grow, passing 67million people. However, this marked the slowest growth since 2001 and only reflects the early stages of the pandemic. See Chart of the Week for more information.

DATA: MHCLG reported rise in planning applications received in 2020/21

Although just 1% higher than the previous year, this reflected a strong rebound in the number of applications received by district level planning authorities across England in the second half of the financial year. Accompanying data from Glenigan showed the number of housing units granted permission in the year to Q1 2021 was 295,000, down 6% compared to the same period last year.

DATA: Homes England reported 2020/21 Housing Statistics

Their data showed a 22% fall in the number of homes started on site (37,330) compared to 2019/20 and a 13% fall in the number of homes completed (34,995) over the same period.

DATA: ONS released house price statistics for small areas for 2020

The release provides a useful resource for house price statistics across England. They are currently consulting on whether to make it an annual rather than quarterly release.

REPORT: University of York report on letting practices at the lower end of the private rented sector

The report provides a fascinating insight into the “lower end” of the private rented sector including defining the market(s) and examining landlord activity/intentions.

REPORT: Resolution Foundation report on young adults living with parents

The report found “slightly fewer respondents were living with their parents in June 2021 than before the start of the pandemic” but warned that “those who have had a negative employment shock since the pandemic broke out were more likely to have moved back in with their parents than those who were in work before and during the crisis”. It suggests that “A key reason why we do not find an even larger share of younger respondents moving back to the parental home is that the types of young respondents whose employment was most affected by the pandemic were already living with their parents before it hit”.

REPORT: Savills research on the planning system and the climate crisis

In their research, they “explore the different targets in place across the UK, and whether national ambition is translating to local action”.

REPORT: Credit Suisse released Global Wealth Report 2021

They report that total global wealth increased by 7.4% in 2020 and “The global number of millionaires expanded by 5.2 million to reach 56.1 million”. They note that “The lowering of interest rates by central banks has probably had the greatest impact”.

Chart of the Week

The latest ONS mid-year population estimate reported the slowest growth since 2001 in the year to June 2020. Although the data only covers the early stages of the pandemic, it’s impact on the population is clear with  13% more deaths than the previous year and a continued fall in the number of births. Meanwhile, estimates from other sources for the 2020 calendar year suggest that natural change (deaths minus births) fell negative over the period. The ONS estimate that the net international migration increased slightly in the year to June 2020 but there’s considerable uncertainty around these figures and we will only know the actual size of the UK’s population when the 2021 Census data is released.