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The Independent
21-05-2025
- Business
- The Independent
Key reason why the average UK house price has increased
UK house prices surged 6.4 per cent annually in March, reaching an average of £271,000, according to the Office for National Statistics (ONS). This acceleration from February's 5.5 per cent growth coincided with a rush of homebuyers seeking to complete purchases before the April conclusion of a stamp duty holiday in England and Northern Ireland. This surge in the housing market comes as UK inflation hit a 15-month high, adding further pressure on household finances already grappling with rising living costs. The Consumer Prices Index (CPI) revealed inflation jumped to 3.5 per cent in April, exceeding economists' predictions of 3.3 per cent and significantly up from March's 2.6 per cent. This inflationary spike, coupled with various bill increases in what has been dubbed an "awful April", paints a challenging picture for household budgets. The ONS data highlights the interplay of market forces, government policy, and economic trends impacting personal finances across the UK. Andrew Montlake, chief executive at Coreco mortgage brokers, said: 'With inflation edging up sharply this morning, and mortgage rates likely to follow as expectations of further base rate cuts reduce, this could see average values start to retreat again. If prices do start to ease, they will only go so far as there is a fundamental lack of supply.' Jonathan Handford, managing director at estate agent group Fine & Country, said: 'In the months ahead, inflation and still-elevated borrowing costs are likely to weigh on demand, particularly as affordability remains stretched across much of the country. 'That said, a period of softer or stabilising house prices may offer a welcome opportunity for first-time buyers who have been priced out in some areas of the country.' Sarah Coles, head of personal finance at Hargreaves Lansdown, said the 'rush to seal a deal' before the end of the stamp duty holiday provided some extra impetus for the housing market. She added: 'This may well slow again in the next set of figures, which is the usual pattern in the aftermath of a stamp duty holiday. However, we're unlikely to see anything too dramatic. 'This period has been marked by robust price growth rather than stellar leaps, so the hangover from the property party is likely to be less painful. 'Lower mortgage rates should also help support prices. However, with buyer numbers likely to have dropped off fairly sharply, there's going to be some room for negotiation.' Nick Leeming, chairman of estate agent Jackson-Stops, said: 'Encouragingly, across the Jackson-Stops network we are seeing robust activity levels, with demand outpacing supply in popular markets. In April alone, an average of five potential buyers were competing for every new listing, underscoring borrowers' continued commitment.' Jeremy Leaf, a north London estate agent, said some potential buyers and sellers are 'sitting on their hands', adding: 'The recent cut in mortgage rates has restored some confidence but April's sharp rise in inflation will not help.' Average house prices increased to £296,000 (6.7 per cent annual growth) in England, £208,000 (3.6 per cent) in Wales, and £186,000 (4.6 per cent) in Scotland, in the 12 months to March, according to the ONS. The average house price in Northern Ireland was £185,000 in the first quarter of 2025 – a 9.5 per cent annual increase. Iain McKenzie, chief executive of the Guild of Property Professionals, said: 'We cannot ignore the subdued economic backdrop and ongoing geopolitical uncertainties which will likely ensure a more measured pace of growth for the remainder of the year.' Richard Harrison, head of mortgages at Atom bank, said: 'Lenders have been incredibly active in reducing rates.' The ONS also said average UK monthly private rents increased by 7.4 per cent, to £1,335, in the year to April. The annual growth rate eased from 7.7 per cent in March. Average rents increased to £1,390 per month (7.5 per cent annual growth) in England, £795 (8.7 per cent) in Wales, and £999 (5.1 per cent) in Scotland, in April. In Northern Ireland, average rents increased to £843 (7.8 per cent annual growth) in the 12 months to February, the report said. Within England, annual inflation in private rents was highest in the North East region (9.4 per cent) and lowest in Yorkshire and the Humber (4.0 per cent), in April. Nathan Emerson, chief executive of property professionals' body Propertymark, said: 'Overwhelming demand within the rental sector continues to influence price increases for those who rent. We continue to witness, on average, around 10 applicants for every property available to rent and this is a situation that has broadly remained stagnated across the last five years. 'It is imperative that rental supply rises to meet the challenges of demand.'
Yahoo
19-05-2025
- Lifestyle
- Yahoo
9 apartments with impressive outside space
Gardens will be taking centre stage when the RHS Chelsea Flower show opens next week, but you don't have to live in a house — or be blessed with green fingers — to benefit from outside space of your own. Many apartment developments and conversions come with balconies, patios or private gardens and some incorporate shared areas such as roof terraces or landscaped grounds that you can enjoy without the hassle of watering, weeding or mowing them yourself. Whether you prefer a contemporary pad or period character, these homes don't skimp on al fresco areas. Communal rooftop gardens with sweeping views crown this collection of studio, one-, two- and three-bedroom flats, duplexes and penthouses. Built around a central podium garden, all have private terraces and are extremely energy efficient, with eco-friendly features such as solar panels, triple glazing and mechanical heat recovery systems. By The Hill Group. An elegant 1,645 square foot apartment occupies the entire first floor of a Grade II listed Regency house. It includes two double bedrooms, two bathrooms, a kitchen, dining room, study and a formal drawing room, and original original sash windows, fireplaces and plasterwork. Residents have access to a secluded garden framed by mature trees. Find out more from Fine & Country. Read more: 9 Edwardian homes that offer plenty of space Standing in seven acres of communal grounds, Grade II* listed Whitlingham Hall was built in 1865 for a local banker and later passed to the Colman family, famed for founding Colman's mustard. In 2002 it was converted into a number of grand apartments, including this one on the first floor. Huge windows in the two bedrooms, kitchen and sitting room face south, and three sets of French doors open on to a sprawling terrace overlooking topiary gardens. Contact Sowerbys. It looks like a holiday snap taken in the Mediterranean, but this is actually a rooftop beach club in West London — complete with an olive grove and infinity pool — open only to residents of this swanky new development. Each of the studio, one-, two- and three-bedroom apartments here has floor to ceiling windows and a balcony, and landscaped gardens, a gym, cinemas, a private dining room, lounges, a bar, steam room and sauna are among the numerous other facilities. Visit White City Living. This ground and first floor flat forms part of a substantial period house and comprises three bedrooms, a bay-windowed sitting room, a kitchen, bathroom, cloakroom and box room which could be used as a study. There's a well-maintained private garden with loads of room for children to run around, and a shared courtyard. From Anderson Strathern via ESPC. Read more: 10 homes with glorious spring gardens One- and two-bedroom homes with terraces, Juliet or full balconies are available in this new retirement village. It's surrounded by 79 acres of gardens, lakes and woodland, and on-site facilities include a restaurant, library and a health and leisure club. You must be aged 60+ to buy here, and pets are welcome. From Audley Villages. Much improved by the current owners, this first floor flat is one of three in a converted Victorian villa. Accommodation consists of three bedrooms, two bathrooms, a kitchen, drawing room and a dual aspect dining room with two sets of bifold doors leading out to a large roof terrace. This overlooks the city's rooftops, and a communal garden is at ground level. Get in touch with Jackson-Stops. Read more: 9 rural homes that are close to amenities The height of luxury in every sense, this duplex penthouse is the city's the most expensive new apartment, sitting on top of a building with a doorman and gym. It's been designed to an extremely high specification and includes three bedrooms, three bathrooms, a huge open plan kitchen and living area and a steam room. An expansive wraparound terrace features an outdoor kitchen, a bar area and hot tub where you can unwind while taking in the amazing views. Through Priestly Homes. A 20th floor apartment boasting not only a terrace, accessed from the open plan reception room, but also a balcony off the kitchen and dining area. Together these provide 1,000 square feet of outdoor space with far reaching views across south and west London. The property has two bedrooms, two bathrooms, an underground parking space and use of a residents' gym, 24 hour concierge, a lounge and courtyard garden. Find out more from Savills. Read more: Home renovation mistakes and how to avoid them How higher house prices are impacting young people's finances 10 home upgrades that don't need planning permission
