Latest news with #JonathanHandford
South Wales Guardian
21-05-2025
- Business
- South Wales Guardian
UK house price growth accelerated as buyers rushed to beat stamp duty deadline
This took the average UK house price in March to £271,000, the Office for National Statistics (ONS) said. The ending of a stamp duty holiday from April onwards sparked a stampede of home-buyers in the run-up. Stamp duty applies in England and Northern Ireland. The figures were released as statistics showed UK inflation surged to its highest level for more than a year last month. Households have been clobbered by a raft of 'awful April' bill increases. Consumer Prices Index (CPI) inflation reached 3.5% in April, up from 2.6% in March and the highest level since January 2024. This was higher than some economists had been predicting, with a rise of 3.3% having been expected. 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.' Consumer Price Index (CPI) rose by 3.5% in the 12 months to April 2025, up from 2.6% in March 2025. Read the full article ➡️ — Office for National Statistics (ONS) (@ONS) May 21, 2025 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% annual growth) in England, £208,000 (3.6%) in Wales, and £186,000 (4.6%) 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% 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%, to £1,335, in the year to April. The annual growth rate eased from 7.7% in March. Average rents increased to £1,390 per month (7.5% annual growth) in England, £795 (8.7%) in Wales, and £999 (5.1%) in Scotland, in April. In Northern Ireland, average rents increased to £843 (7.8% 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%) and lowest in Yorkshire and the Humber (4.0%), 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.'
Daily Mail
21-05-2025
- Business
- Daily Mail
House prices rise £16,000 in a year with homes in the North East up 14.3%
House prices in the North East have grown at 18 times the rate of property prices in London over the past 12 months, latest figures from the Office for National Statistics show. Homes in the North East have risen 14.3 per cent in the 12 months to March, the ONS revealed. Meanwhile, homes in the capital have risen just 0.8 per cent during that time. Overall, house prices across the UK are up 6.4 per cent in the 12 months to March, the highest annual jump since December 2022, thanks in part to buyers rushing through purchases before high stamp duty bit in April. The average property is now worth £271,000 the ONS says, which is £16,000 higher than 12 months ago. The ONS says yearly house price growth has been generally increasing since its recent low point in December 2023 when prices fell 2.7 per cent. Experts across the property industry says changes to stamp duty from 1 April have played a major role in the recent house price surge. From 1 April the nil rate thresholds dropped from £250,000 to £125,000 for home movers. On a £250,000 property purchase that meant paying an extra £2,500 in upfront taxes. First time buyer relief dropped from £425,000 to £300,000. Instead of paying no stamp duty on a purchase worth £425,000, they now pay £6,205. Given that the ONS figures relate to March, this is just before the change happened and many buyers were trying to rush through purchases to avoid the additional costs. Jonathan Handford, managing director at national estate agent group Fine & Country said: 'March saw a final surge in house prices as buyers raced to beat April's stamp duty changes, a deadline that drove a sharp uptick in activity and pushed values higher across the board. 'This trend played out nationwide, with early 2025 marked by elevated demand from buyers keen to maximise their budgets before the new thresholds came into effect. 'Now that the tax break window has closed, it's likely we will see a cooling period, as buyers pause to reassess affordability under the revised rules. 'Rather than a sharp correction, the outlook points to a more balanced market over the coming months, with modest price movements and cautious optimism as buyers and sellers adapt to the new landscape.' The stamp duty effect meant that house prices surged in the more affordable parts of the UK, according to Jonathan Hopper, chief executive of buying agency Garrington Property Finders. While the North East saw house prices rise 14.2 per cent year-on-year, homes in Yorkshire and The Humber were up 9.5 per cent and in the North West, they were up 9.4 per cent. 'The distorting effect was strongest in regions where price rises were already running hot,' said Hopper. 'Petrol was poured on fire in North East England - where the average price paid spiked 4.2 per cent in just a month and annual inflation climbed to a dizzying 14.3 per cent. 'Across northern England, prices rose by more than 2 per cent over the month and more than 9 per cent on an annual basis. 'With average prices falling in London in March, the north-south divide widened and it was the northern powerhouses that dragged the national average up to 6.4 per cent over the year. Impressive though this is, it is likely to prove a high water mark.' While prices rose in March, the latest survey by the Royal Institution of Chartered Surveyors (Rics) revealed its weakest outlook since mid-2023. The closely-watched monthly survey takes the temperature of Rics members and gives a snapshot of what is happening on the ground in the property market across the country. It found that more Rics members think house prices are headed lower over the coming months, than those who think that prices are heading higher. Many members also said buyer enquiries are down and that fewer sales are being agreed. 'Many estate agents returned to tumbleweed territory in April, and the pace of price rises cooled in many areas,' added Hopper. 'In May, the dust has settled and price movements are once again being dictated by the forces of supply and demand. 'The market is being led by homebuyers, not investors. People are not chasing gains, they are chasing stability, value and the opportunity to get on with their lives. 'Strong demand is pushing up prices in northern England and other regions where buyers see that their money goes further, where the price-to-earnings ratio still makes sense, and where mortgage repayments can often be lower than rental costs.' While house prices in the north are booming, homes in the more expensive south are rising more slowly. While London prices are only up 0.8 per cent year-on-year, average prices in the South West and South East are up 5.3 per cent respectively. 'Average prices paid in London have now fallen for two months in a row,' said Hopper. 'After flatlining in 2024, annual growth in the capital is still modest, with family homes in particular getting cheaper. 'Across southern England we're seeing lots of high-value homes coming onto the market in sought-after areas, and this abundance is putting buyers firmly in the driving seat and giving them the confidence and clout to negotiate hard on price. 'This is not a boom, it is a recalibration. Buyers are being selective and strategic, and the market is rewarding value over vanity.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.
Rhyl Journal
21-05-2025
- Business
- Rhyl Journal
UK house price growth accelerated as buyers rushed to beat stamp duty deadline
This took the average UK house price in March to £271,000, the Office for National Statistics (ONS) said. The ending of a stamp duty holiday from April onwards sparked a stampede of home-buyers in the run-up. Stamp duty applies in England and Northern Ireland. The figures were released as statistics showed UK inflation surged to its highest level for more than a year last month. Households have been clobbered by a raft of 'awful April' bill increases. Consumer Prices Index (CPI) inflation reached 3.5% in April, up from 2.6% in March and the highest level since January 2024. This was higher than some economists had been predicting, with a rise of 3.3% having been expected. 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.' Consumer Price Index (CPI) rose by 3.5% in the 12 months to April 2025, up from 2.6% in March 2025. Read the full article ➡️ — Office for National Statistics (ONS) (@ONS) May 21, 2025 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% annual growth) in England, £208,000 (3.6%) in Wales, and £186,000 (4.6%) 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% 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%, to £1,335, in the year to April. The annual growth rate eased from 7.7% in March. Average rents increased to £1,390 per month (7.5% annual growth) in England, £795 (8.7%) in Wales, and £999 (5.1%) in Scotland, in April. In Northern Ireland, average rents increased to £843 (7.8% 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%) and lowest in Yorkshire and the Humber (4.0%), 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.'
South Wales Argus
21-05-2025
- Business
- South Wales Argus
UK house price growth accelerated as buyers rushed to beat stamp duty deadline
This took the average UK house price in March to £271,000, the Office for National Statistics (ONS) said. The ending of a stamp duty holiday from April onwards sparked a stampede of home-buyers in the run-up. Stamp duty applies in England and Northern Ireland. The figures were released as statistics showed UK inflation surged to its highest level for more than a year last month. Households have been clobbered by a raft of 'awful April' bill increases. Consumer Prices Index (CPI) inflation reached 3.5% in April, up from 2.6% in March and the highest level since January 2024. This was higher than some economists had been predicting, with a rise of 3.3% having been expected. 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.' Consumer Price Index (CPI) rose by 3.5% in the 12 months to April 2025, up from 2.6% in March 2025. Read the full article ➡️ — Office for National Statistics (ONS) (@ONS) May 21, 2025 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% annual growth) in England, £208,000 (3.6%) in Wales, and £186,000 (4.6%) 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% 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%, to £1,335, in the year to April. The annual growth rate eased from 7.7% in March. Average rents increased to £1,390 per month (7.5% annual growth) in England, £795 (8.7%) in Wales, and £999 (5.1%) in Scotland, in April. In Northern Ireland, average rents increased to £843 (7.8% 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%) and lowest in Yorkshire and the Humber (4.0%), 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.'
Glasgow Times
21-05-2025
- Business
- Glasgow Times
UK house price growth accelerated as buyers rushed to beat stamp duty deadline
This took the average UK house price in March to £271,000, the Office for National Statistics (ONS) said. The ending of a stamp duty holiday from April onwards sparked a stampede of home-buyers in the run-up. Stamp duty applies in England and Northern Ireland. The figures were released as statistics showed UK inflation surged to its highest level for more than a year last month. Households have been clobbered by a raft of 'awful April' bill increases. Consumer Prices Index (CPI) inflation reached 3.5% in April, up from 2.6% in March and the highest level since January 2024. This was higher than some economists had been predicting, with a rise of 3.3% having been expected. 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.' Consumer Price Index (CPI) rose by 3.5% in the 12 months to April 2025, up from 2.6% in March 2025. Read the full article ➡️ — Office for National Statistics (ONS) (@ONS) May 21, 2025 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% annual growth) in England, £208,000 (3.6%) in Wales, and £186,000 (4.6%) 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% 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%, to £1,335, in the year to April. The annual growth rate eased from 7.7% in March. Average rents increased to £1,390 per month (7.5% annual growth) in England, £795 (8.7%) in Wales, and £999 (5.1%) in Scotland, in April. In Northern Ireland, average rents increased to £843 (7.8% 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%) and lowest in Yorkshire and the Humber (4.0%), 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.'
