Property Investors Weekly News: 09/05/2022
House prices hit new record, but growth set to slow
The rate of growth will slow by the end of 2022 according to Halifax. The average UK house value rose by 1.1% or £3,078 in April, making this the longest run of monthly rises since 2016. However, with interest rates on the rise and inflation squeezing household budgets, it is highly likely that this rate of house price growth will see a decline by the end of the year.
Lack of properties in London’s poshest postcodes sees rental prices soar
If you thought renting a property in one of London’s most prestigious postcodes was expensive before, it has now got even more expensive! As a result of shortages of properties available to rent and increasing demand, the cost to rent has increased to 28.3% over the previous year.
Stamp duty bills double after booming housing market
Surging house prices have pushed more than four million homes into higher stamp duty or equivalent tax brackets during the pandemic. Buyers now are facing paying increased taxes to move home, according to Zoopla.
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