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The Kent towns where sold prices spiked the highest during lockdown

House prices have seen record rises between March 2020 and 2021, according to new data from the Office for National Statistics.

In spite of worries about the economy and the housing market since the onset of the global pandemic, property prices in Kent and the UK more broadly have remained strong.

Overall, our county has seen substantial rises, whilst the picturesque Tunbridge Wells has seen prices rocket by the most locally in the past year.

In March 2020, the average house price in Tunbridge Wells was £377,298, but by March 2021, it had jumped by 10.5 per cent – or £39,768 – to £417,066.

In other parts of Kent, prices were also up.

In Folkestone and Hythe, average prices rose by 12.9 per cent, or £33,491, to £293,076 at the end of March.

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Meanwhile there was a 13.7 per cent rise in Thanet, an increase of £32,004 to £265,517.

Canterbury and Dover also saw large proportional spikes, rising by 10.7 per cent and 11.5 per cent respectively.

Compared to the rate of real wage growth, calculated by subtracting the rate of inflation from wage increases, this is even more significant – as during the pandemic, wages rose by just 2.8 per cent on average.

Across Kent as a whole, prices have risen by 8.8 per cent – or £25,647 – in the past year to an average of £317,251.

This means that house prices in Kent are now more than 10 times the average yearly income in the UK, which currently stands at around £31,000 a year.

This is slightly lower than the UK on average, clocking in at an increase of 10.2 per cent across the same period according to figures from the ONS.

This is the highest annual growth rate the UK has seen since August 2007, before the infamous ‘credit crunch’ financial crisis.

Early 2020 saw the housing market grind to a halt – as the first lockdown starting in late March closed estate agents and banned viewings.

Once things reopened, the UK’s average house price growth accelerated rapidly.

Th ONS said the pandemic may have caused house buyers to reassess their housing preferences.

The average price of detached properties increased by 11.7 per cent in the year to March 2021, in comparison flats and maisonettes rose by 5.0 per cent over the same period.

Here is the detailed breakdown of house prices across Kent.

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Change in house prices from March 2020 to March 2021

From left to right, the statistics are as follows: District, average house price in March 2020, average in March 2021, price growth in £, price growth in percentages

Tunbridge Wells // £377,298 // £417,066 // £39,768 // 10.5%

Folkestone and Hythe // £259,585 // £293,076 // £33,491 // 12.9%

Thanet // £233,513 // £265,517 // £32,004 // 13.7%

Canterbury // £296,522 // £328,203 // £31,681 // 10.7%

Dover // £247,252 // £275,797 // £28,545 // 11.5%

Dartford // £296,658 // £324,905 // £28,247 // 9.5%

Kent // £291,604 // £317,251 // £25,647 // 8.8%

Sevenoaks // £438,933 // £463,573 // £24,640 // 5.6%

Tonbridge and Malling // £366,893 // £390,617 // £23,724 // 6.5%

Maidstone // £285,672 // £307,072 // £21,400 // 7.5%

Medway // £239,359 // £258,787 // £19,428 // 8.1%

Ashford // £295,451 // £312,957 // £17,506 // 5.9%

Swale // £240,915 // £256,208 // £15,293 // 6.3%

Gravesham // £280,197 // £290,077 // £9,880 // 3.5%

By Claire Miller and Harry Higginson

Source: Kent Live

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London houses now average £500,000, as UK-wide prices rise at fastest rate in 14 years

UK house prices surged at their fastest rate in almost 14 years over the past year, while London houses remained the priciest of any region despite the lowest annual growth.

Stoked by the extended stamp duty holiday, the capital’s house prices at an average of £500,000 were the most expensive of any region in the UK in the year to March – but saw annual growth of just 3.7 per cent.

The latest figures from the Office for National Statistics (ONS) showed that prices grew at an annual rate of 10.2 per cent in March, the highest since August 2007, around the same time as the last recession.

However, the increase was up from the 9.2 per cent annual rise observed in February.

Meanwhile, the average price for a house in the UK now sits at around £256,000 – £24,000 higher than in the same month last year.

The stamp duty holiday had prompted sellers to demand higher asking prices, ONS suggested, as buyers’ overall costs had been slimmed down.

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“Whilst this will provide comfort to those lucky enough to own their own home, for those aspiring to buy their first home, the first rung of the property ladder has just got a little further out of reach,” CEO of online property platform Twindig, Anthony Codling, said.

‘Reassessing needs‘

Multiple national lockdowns have spurred many homeowners and potential buyers to revaluate their needs when it comes to house buying, chief economic advisor to the EY ITEM Club, Howard Archer noted.

“Nationwide has said that behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of lockdown.

“It appears that an increasing number of people want a garden and also space to work at home. This is leading to some polarisation in demand for residential properties.”

Nick Leeming agreed, adding that office space for hybrid working and access to nature has been crucial to homebuyers.

“Today’s house price data provides a clear indication of how much the pandemic has shifted the property market over the past 12 months.

“Our branches in quintessentially English country-side towns such Chichester, Taunton and Chipping Campden continue to see the highest number of new applications, alongside London’s prime commuter-belt towns, including Sevenoaks, Dorking and Cranbrook.

“In London, buyers are paying £20,000 more than they were before the pandemic.”

As we, hopefully, leave lockdowns behind towards the end of the year and the market waves goodbye to the stamp duty holiday, house prices may level out Archer added.

“The EY ITEM Club suspects house prices will lose momentum again later on this year and could well be flat year-on-year by early 2022 with some quarters of falling prices.

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“This will be down to the stamp duty benefit ending, unemployment rising and a waning of pent-up demand.”

Leeming continued: “While the extent of current demand may continue to fuel the market for some time yet, it can’t be sustainable forever.

“I would suggest that anyone considering selling their home to do so now while the market conditions are so favourable and there is still room for further price growth.”

Mortgage guarantee

The government’s mortgage guarantee programme also played a part in the inflated prices, aimed at new-buyers, Nick Barnes said.

“There was also an element of anticipation for the imminent introduction of the government’s new mortgage guarantee scheme. Non-resident buyers had the additional incentive to beat the deadline for the introduction of the 2 per cent stamp duty surcharge from the beginning of April.”

The programme may have sparked more market interest in recent weeks, following reduced mortgage approvals this year, as Archer highlighted: “The Bank of England reported that mortgage approvals for house purchases fell back to an eight-month low of 82,735 in March from 87,385 in February.”

By Millie Turner

Source: City AM

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House prices continue to surge upwards, the Halifax has reported

House prices continued to surge upwards last month, the Halifax has reported.

Its latest house price survey puts the increase last month at 1.4 per cent, equating to an annual rate of increase of 8.2 per cent. By its reckoning, the average price of a house in the UK is now £258k.

I found further evidence of a booming market in March HMRC monthly property transactions figures. They showed UK home sales in March 2021 at their highest ever level. Seasonally adjusted, there were 190,980 residential transactions in March 2021, up 32.2 from February.

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‘House prices in April eclipsed the record high set the month before as the market continued to maintain its recent momentum’, said Halifax managing director Russell Galley.

‘The stamp duty holiday continues to add impetus to an extremely active market, magnifying the current shortage of available homes as buyers aim to take advantage of the Government scheme. The influence of the stamp duty holiday will fade gradually over the coming months as it’s tapered out but low stock levels, low interest rates and continued demand is likely to continue to underpin prices in the market’.

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Galley said the Halifax expected recent levels of activity to be sustained over the short-term as buyers continue to search for homes with more space and potentially better suited for their new working patterns.

‘Savings built up over the months in lockdown have given some buyers even more cash to invest in their dream properties, while the new mortgage guarantee scheme may have eased deposit constraints for some prospective homebuyers who previously thought their first step on the housing ladder was a few years away’.

But Galley said the Halifax remained cautious about the medium-term prospects of the housing market. ‘As we said in March, the current levels of uncertainty and potential for higher unemployment as furlough support ends leads us to believe that house price growth will slow to the end of the year’.

Source: Landlord Knowledge

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House prices in Wales reach record high according to Principality

Average house prices in Wales continue to beat records, reaching £212,751 in Q1 2021, according to Principality Building Society.

Annual house price inflation climbed to 10.1%, the first double-digit percentage increase since 2005.

Lockdown-fuelled changes in housing demand and government policy interventions around Land Transaction Tax (LTT) have boosted prices and activity, with sales up by 40% on the same period in 2020.

Every local authority in Wales has reported a rise in house prices in the first quarter of 2021 when compared annually to Q1 2020.

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Across Wales, prices of detached, semi-detached and terraced homes were found to be 10% or more higher than the same time in 2020, but flat prices have continued to languish.

Estimated sales in Q1 were up 40% on the same period last year, albeit with a clear demarcation between house and flat sales.

According to monthly data from HMRC, there were 3,880 sales in January, 4,610 in February and 8,170 in March.

Eight local authorities saw record highs during Q1: Bridgend (£191,810), Cardiff (£269,826), Carmarthenshire (£196,422), Denbighshire (£201,091), Newport (£228,876), Swansea (£213,819), Vale of Glamorgan (£303,807), and Wrexham (£198,944).

House prices rose at the fastest rate in Swansea, with an annual increase of 16.1%. Anglesey (14.6%), Vale of Glamorgan (14.6%), and Carmarthenshire (14.2%) followed closely behind.

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It was a mixed picture in terms of quarterly performance, with prices lower in seven local authority areas – the sharpest falls being seen in Monmouthshire (5.8%), Conwy (4.5%) and Gwynedd/Neath Port Talbot (3.5%).

Tom Denman, chief financial officer at Principality Building Society, said: “The bounce back of the housing market during the pandemic has been stronger than some had anticipated, and if that momentum is maintained, it may be that the strong housing market recovery will continue through the rest of the year and into 2022.

“Pent-up demand due to a shortage of houses on the market, continuing low interest rates, wage growth for those in work, plus the incentive of the Land Transaction Tax, has led to this new record peak of average house prices.

“Looking further forward this growth could be impacted by the end of the LTT holiday and the furlough scheme, but much will depend on the overall recovery on the economy.”

By Jake Carter

Source: Mortgage Introducer

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Halifax: UK House Prices Have Hit A Record High

UK house prices have hit a record high despite rising at a slower rate than a year ago, according to the Halifax house price index this morning.

The lender said that the affordability of houses was “close to pre-financial crisis levels”, as house prices remained historically high at an average of £252,765.

The difference between the 2007 financial crash and today, is that mortgage rates are considerably lower.

Despite slowing their ascent in the first quarter of 2021, inflation has risen by 5.7 per cent, as the standard house price a year ago sat at £252,030.

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The 5.7 per cent jump was down from a nearly five year high of seven per cent last year, the lender reported.

Prices lifted only 0.3 per cent in the first quarter of this year, smaller than the 2.5 per cent jump in the final quarter of 2020.

The London property market showed slower gains in house prices over the start of this year, the “strongest” since the 2016 EU referendum, Halifax said.

The standard house price in Greater London sat at £505,359, down 2.5 per cent from the final quarter of last year, however, has edged 2.1 per cent higher in comparison to 2020.

Demand for larger properties carried through from last year, while existing houses were hit by rising inflation 6.2 per cent more than new builds.

Are we due another crash?

The outlook for the next six months appears to be bright, particularly with the help of the “ongoing government support,” CEO of property platform Twindig, Anthony Codling said.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

“There is a risk that when the extended holiday ends, the UK housing market will wake up with a hangover.”

However, Codling advised home buyers not to worry, “because at the moment mortgage supply is increasing, whereas, in the credit crunch, mortgage supply fell off a cliff edge.”

“The spring and summer selling seasons will be strong, but as the stamp duty holiday ends in September, concerns about another cliff edge will start to be voiced and this may soften house prices in the autumn.”

Financial analyst at AJ Bell, Laith Khalaf agreed that a looming financial crash is unlikely, because “the housing market has repeatedly confounded economists expectations, and it keeps going from strength to strength.”

With low-interest rates and “highly accommodative” government policy, the housing market has a strong supply and demand dynamic, Khalaf added.

“While there might be a few bumps along the way, particularly at the end of the stamp duty…the property market has proved itself to be unbelievably resilient. And in large part, that comes down to the efforts the government and the Bank of England have made to make mortgage borrowing incredibly easy and cheap.”

By Millie Turner

Source: City AM

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House prices reach new record high as property market booms

UK house prices hit a record high of £254,606 on average in March after jumping by 1.1 per cent month-on-month, according to an index.

Across the UK, the average price is around £15,000 higher since the start of the national coronavirus lockdowns in March 2020 – equating to an increase of more than £1,000 per month on average.

Values in March 2021 were 6.5 per cent higher than the same month last year, the Halifax said.

It said Government support measures and a stamp duty holiday have been key to bolstering the housing market.

Russell Galley, managing director of Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over 1 per cent compared to February.

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“This rise – the first since November last year – means the average property is now worth £254,606, a new record high.

“A year on from the early days of the first national lockdown, March’s data shows that house prices rose by 6.5 per cent annually, or £15,430 in cash terms.

“Casting our minds back 12 months, few could have predicted quite how well the housing market would ride out the impact of the pandemic so far, let alone post growth of more than £1,000 per month on average.

“The continuation of Government support measures has been key in boosting confidence in the housing market.

“The extended stamp duty holiday has put another spring in the step of home movers, whilst for those saving hard to buy their first home, the new mortgage guarantee scheme provides an alternative route on to the property ladder.

“Overall we expect elevated levels of activity to be maintained in the coming months, with consumer confidence spurred on by the successful vaccine rollout, and buyer demand still fuelled by a desire for larger properties and more outdoor space, as work-life priorities have shifted during the pandemic.

“A shortage of homes for sale will also support prices in the short term, as lower availability always favours sellers.

“However, with the economy yet to feel the full effect of its biggest recession in more than 300 years, we remain cautious about the longer-term outlook.

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“Given current levels of uncertainty and the potential for higher unemployment, we still expect house price growth to slow somewhat by the end of this year.”

Mark Harris said: “The market rebounded strongly in March as buyers realised that the stamp duty holiday extension meant it was still possible to take advantage of the saving, while the continuing easing of lockdown provided further impetus.

“It is no surprise that the start of the year saw a more subdued market as lockdown and home schooling made viewings practically impossible.

“With hardly a day going by without another lender launching a high loan-to-value offering, and indeed rates coming down on these as more providers enter the fray, there is plenty on the lending front to tempt borrowers.”

Tomer Aboody, director of property lender MT Finance, said: “What we are seeing is a real lack of stock which in turn increases competition and house prices.”

Source: Irish News

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West Midlands house prices up 7.6pc in a year

Across the UK, the average house price was £232,134, Nationwide Building Society said. This was a 5.7 per cent increase compared with a year earlier. The West Midlands saw the second highest rise of any region in England at 7.6 per cent to £208,806.

Robert Gardner, Nationwide’s chief economist, said: “The slowdown in March probably reflects a softening of demand ahead of the original end of the stamp duty holiday before the Chancellor announced the extension in the Budget.”

The stamp duty holiday had been due to end on March 31, but was extended in the recent Budget.

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Mr Gardner continued: “The longer-term outlook remains highly uncertain. It may be that the recovery continues to gather momentum and that shifts in housing demand resulting from the pandemic continue to lift the market.

“However, if the labour market weakens towards the end of the year as policy support is withdrawn, as most analysts expect, then activity is likely to slow nearer the end of 2021, perhaps sharply.”

Nationwide also released figures showing house price growth across the UK’s nations and regions in the first quarter of 2021.

Mr Gardner said: “The North West was the strongest-performing region, with prices up 8.2 per cent year on year. This is the strongest price growth seen in the region since 2005 and average prices reached a record high of £181,999.”

London was the weakest-performing region in the first quarter of 2021, with house prices increasing by 4.8 per cent, softening from 6.2 per cent annual growth in the previous quarter.

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Mr Gardner added: “The South West was the only southern region to see an acceleration in annual price growth, which picked up to 7.2 per cent in quarter one, from 6.6 per cent in quarter four of 2020.”

Tomer Aboody, director of property lender MT Finance, said: “The continued shift in buyers’ demands for more space meant London saw the slowest growth, with prices still very high compared to the rest of the country and space more limited.

“Gardens, communities, green spaces and easy commutes are increasing demand for the outer regions, with prices continuing to rise to reflect this.”

By John Corser

Source: Express & Star

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Average UK house price hit new record high in February

The average UK house price hit a new record high of £231,068 in February, according to an index.

Property values climbed by 6.9% annually, up from 6.4% in January, in what the Nationwide Building Society House Price Index described as a “surprise” acceleration.

A stamp duty holiday is due to end on March 31, but there have been reports that it could possibly be extended for another three months.

Robert Gardner, Nationwide’s chief economist, said: “February saw the annual rate of house price growth rebound to 6.9%, from 6.4% in January. House prices rose by 0.7% month-on-month, after taking account of seasonal effects, more than reversing the 0.2% monthly decline recorded in January.

“This increase is a surprise. It seemed more likely that annual price growth would soften further ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase.”

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Mr Gardner added: “Many people’s housing needs have changed as a direct result of the pandemic, with many opting to move to less densely populated locations or property types, despite the sharp economic slowdown and the uncertain outlook.”

Howard Archer, chief economic adviser to the EY ITEM Club said house prices are predicted to fall by around 3% over 2021.

He said: “This had been revised from an expected decline of 5% given the housing market measures expected in the Budget.

“The EY ITEM Club expects housing market activity to gradually improve late on in 2021 allowing prices to stabilise as the UK’s economy establishes a sustained firmer footing and the labour market comes off its lows.

“Very low borrowing costs should also help with the Bank of England unlikely to lift interest rates from 0.10% during 2021 and for some time thereafter.”

Tomer Aboody, director of property lender MT Finance, said: “An increase in house prices in February further confirms that even though the stamp duty holiday was earmarked to end shortly, buyer demand and desire for more space – both inside and out – outweighs any potential saving.”

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Tom Bill, head of UK residential research at Knight Frank, said: “Price growth strengthened in February due to a relative imbalance between supply and demand.

“While it is a relatively straightforward process to register as a buyer, sellers have held back, which has led to a shortage of supply that has put upwards pressure on prices.

“Sellers who are home-schooling or simply concerned about opening their home to viewings due to new Covid variants have hesitated in the first two months of the year.

“With the return of schools and Covid cases falling, more sellers are now gearing up to list their property, which will put downwards pressure on prices from this month.

“Any extension of the stamp duty holiday in the Budget will exacerbate this trend as more owners believe they will be able to complete before the end of June. While we expect downwards pressure in the second quarter of the year, we expect flat prices over the course of 2021 as more seasonality and balance between supply and demand returns from the summer.”

Source: Express & Star

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Welsh house prices exceed £200,000

The average house price in Wales has topped £200,000 for the first time – now standing at £209,723, Principality Building Society’s Wales House Price Index for Q4 2020 has found.

Last year showed the strongest annual house price inflation in 15 years (8.2%).

Detached home prices were 11% higher than a year ago, as people search for space prompted by the pandemic.

This is compared with 5-6% growth for most other property types.

Tom Denman, chief financial officer at Principality Building Society, said: “The strength of the housing recovery in the second half of 2020 is striking, and this reflects both the stimulus provided by the Welsh government in terms of the time-limited Land Transaction Tax holiday, the pent-up demand which built up during the first lockdown, and the race for space to buy bigger properties with larger gardens.

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“In Q4, all local authority areas were reporting house prices higher than a year earlier. This increased demand has been driven by increased savings in many households during the lockdowns coupled with continued historic low mortgage rates. There has probably been some additional demand from buyers across the border with England, with house prices more affordable in Wales in relative terms.

“The recent UK HM Treasury review of independent forecasts for 2021 showed wide divergences in house price expectations for the year. With so many unknowns it is impossible to offer a forecast with any reasonable accuracy. However, once there is more clarity on the containment of the virus and on the full re-opening of the economy, it will become easier.”

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Merthyr Tydfil recorded the strongest rise on a quarterly basis of 18.2%, taking its average house price to £147,687, though this may have been exaggerated due to a modest amount of sales data.

In north Wales, Anglesey house prices rose by 16% annually to £237,782, while Conwy (£224,068) and Flintshire (£216,224) rose by 13.7% and 13.3% respectively.

In south Wales, Monmouthshire (£332,558) and Newport (£222,107) also achieved strong annual double-digit increases, rising 14.2% and 12.1% respectively.

BY RYAN BEMBRIDGE

Source: Property Wire

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ONS: Average UK house prices reach record high

Average UK house prices rose by 7.6% in the year to November to reach a record high of £250,000, according to the ONS House Price Index.

The data shows that this increase is the highest annual growth rate the UK has seen since June 2016.

In addition, this is up from the year to October, which noted a 5.9% rise.

Average house prices increased over the year in England to £267,000 (7.6%), Wales to £180,000 (7.0%), Scotland to £166,000 (8.6%) and Northern Ireland to £143,000 (2.4%).

The average house price in London surpassed £500,000 for the first time in November 2020.

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Furthermore, the North East is the final English region to surpass its pre-economic downturn average house price peak of July 2007, to now stand at £140,000.

Kevin Roberts, director of Legal & General Mortgage Club, said: “The latest ONS house price index figures will be welcomed by existing homeowners.

“The resilience of the housing market continues to shine through as people remain encouraged to move house with or without the benefit from the stamp duty relief, no doubt also encouraged by the rollout of the a COVID-19 vaccine.

“There remain challenges, however, and the government’s decision to extend the furlough scheme until the end of March, will be welcomed by many homeowners exploring their options.

“At Legal & General Mortgage Club, we saw searches for furlough friendly mortgages increase by 230% in November 2020, when compared to the previous month.”

“Buyers wanting to access the best and most suitable mortgage products should absolutely consider speaking with an independent mortgage adviser, particularly as we draw closer to the government’s stamp duty holiday deadline, which is creating very high demand.”

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Paul Stockwell, chief commercial officer of Gatehouse Bank, added: “House prices defied expectations by increasing throughout 2020 and leading to a record high in November, with the stamp duty discount driving strong demand from buyers — but there are signs from other indices that price growth has now begun to slow.

“The UK housing market is still open for business during this lockdown, but demand is likely to have started to taper off as buyers begin to concede they will not be able to complete a transaction in time to make the stamp duty deadline.

“The March 31 cut-off is looming, and although professionals across the industry are working in earnest to get applications over the line in time, fears are mounting about how many agreements could fall through.

“With property portal Rightmove predicting as many as 100,000 buyers could face an unwelcome tax bill when their sale fails to complete on time, all eyes are turning to Chancellor Rishi Sunak and whether he may extend or add a taper mechanism to the scheme or risk deals falling apart.”

Guy Gittins, managing director of Chestertons, said: “The second lockdown no doubt encouraged some people to put their property search on hold, but we didn’t notice a big difference and activity levels were still a lot higher than we anticipated for this time of year.

“Part of this was driven by the incentive of the stamp duty saving, but we believe the main driver was that people just wanted to move as quickly as possible while conditions were favourable.”

By Jake Carter

Source: Mortgage Introducer

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