Property Investors Weekly News: 10/05/2021
U.K House prices rise most in seven months as outlook brightens
House prices in the UK rose by 1.4% in April – the biggest monthly jump in seven months. Last month saw house prices rise by 8.2% in annual terms making this the biggest gain since April 2016.
The lifting of the first coronavirus lockdown in the spring of 2020 along with Rishi Sunak’s announcement on March 3 that he was extending the cut in stamp duty land tax for buyers have both been major contributors to the rise.
Rental yields hit 3-year high
Latest data from Paragon Bank has revealed that from January to March this year, rental yields have increased to 6.0% – making this the highest recorded in three years.
Record mortgage borrowing as owners move or improve
Net mortgage borrowing reached a record £11.8 billion in March, according to the Bank of England.
It was the strongest figure since records started in April 1993.
Housing market experts have said those homeowners who are not moving are taking advantage of the low mortgage rates to improve their properties.
The towns and cities that have seen the biggest price growth in a year
Recent data from Rightmove has revealed the towns and cities that have seen the biggest jumps in asking prices. Many of the areas with the biggest rises are in the North West region of England.
Asking prices for homes in the Merseyside town of Wallasey have risen more than in any other town or city in the UK with an astonishing 15.6% increase.
Hope you have a great week and looking forward to working with you soon!