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Bloomberg
15 hours ago
- Business
- Bloomberg
UK Home Sales Hit Three-Year High, Defying Slowdown Fears
Britain's property market saw its busiest month in over three years in May, defying expectations for a slowdown after a tax break for buyers expired. Property website Rightmove said home sales were up 6% year-on-year last month, which is one of the most active for home buying. It was the strongest May for sales in four years and the best for any month since March 2022.
The Independent
15 hours ago
- Business
- The Independent
‘Busiest May for house sales agreed since 2021' as hotspots revealed
May this year was the busiest month for house sales being agreed since March 2022, according to Rightmove. The website said May is traditionally a brisk month for sales and last month's transactions reflect improved market conditions as home movers press ahead, following a stamp duty hike at the start of April. Last month was also the busiest month of May for agreed property sales since 2021. Rightmove said the average five-year fixed mortgage rate is 4.61%, compared with 6.11% in July 2023. The website also said that Heywood in Greater Manchester, Pudsey in West Yorkshire, and Wilmslow in Cheshire all saw particularly big jumps in house sales in May, compared with a year earlier. Colleen Babcock, a property expert at Rightmove, said: 'With mortgage rates higher than the lows we saw post-financial crisis, and affordability stretched, many buyers are continuing to look for value, which is likely reflected in the lower than average prices of some of the current hotspots. 'With the overall number of sellers continuing to run at a decade-high, sellers need to also be mindful of the competition they might face from other sellers trying to secure a buyer in their area. 'Working with a local agent to price realistically and competitively for that market, rather than pricing too high, is one way to increase the likelihood of a successful sale.'
Daily Mail
16 hours ago
- Business
- Daily Mail
Britain's booming housing markets: Rightmove reveals 10 areas where sales have skyrocketed
Some parts of Britain saw property sales almost double in the last year, new data has revealed. May 2025 saw the largest number of agreed property sales out of any month since March 2022, according to Rightmove - and property portal Rightmove has named the towns which have seen the biggest spike. May is typically a busy point in the year for agreed sales, which is when an offer has been made and accepted. However, this year's figure reflects an improvement in housing market conditions, according to Rightmove. Across the UK, the number of sales agreed is now 6 per cent ahead of the same period last year. However, this trend is more prominent in some areas than others. In Wales, the number of sales being agreed is 15 per cent higher than at this time last year, whereas in London the figure is just 1 per cent higher. Heywood is property hotspot May's sales hotspot is Heywood in Manchester, with 88 per cent more buyers agreeing a deal to purchase than this time last year. Next is Pudsey in West Yorkshire, where there has been 85 per cent more property sales agreed year-on-year. Wilmslow in Cheshire has also seen a surge in activity with a two thirds increase in sales compared to May last year. These areas are doing well as buyers are looking for both affordability and value, according to Colleen Babcock, a property expert at Rightmove. She says that while mortgage rates have come down significantly from the peak, they are only slightly down from this time last year. Nine out of the top ten sales hotspots in May have an average price tag below the current national average. 'This month's hotspots reflect broader market trends driven by affordability and attractive property prices,' said Babcock. 'With mortgage rates higher than the lows we saw post financial crisis, and affordability stretched, many buyers are continuing to look for value, which is likely reflected in the lower than average prices of some of the current hotspots. 'With the overall number of sellers continuing to run at a decade-high, sellers need to also be mindful of the competition they might face from other sellers trying to secure a buyer in their area. 'Working with a local agent to price realistically and competitively for that market, rather than pricing too high, is one way to increase the likelihood of a successful sale.' 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, whether you are a first-time buyer, home owner or buy-to-let landlord. 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. > Find your best mortgage deal with This is Money and LC
South Wales Argus
a day ago
- Business
- South Wales Argus
Pontypool property for auction with £80,000 guide price
The property, which also includes a usable loft space, is listed with Sage & Co Auctions for a guide price of £80,000. Planning permission has already been granted for the conversion of the building into two two-bedroom apartments on the first floor, and a studio apartment on the ground floor. The agent says the prospect of this development opportunity might appeal to investors and developers. (Image: Sage and Co via Rightmove) The property could also appeal to those considering a conversion into a House of Multiple Occupancy (HMO), subject to obtaining the necessary planning consents. The agent has outlined that drawings for this potential conversion into an HMO are available. They highlighted the property's advantageous location in the heart of Pontypool town centre, with excellent access to local amenities, shops, schools, and transport links. The estate agent added that various car parks nearby offer convenient parking solutions for both residents and visitors. The building offers vacant possession and is advised to be Freehold. (Image: Sage and Co via Rightmove) It is an investment opportunity with potential for a range of uses, from developing modern apartments to establishing a business hub, or exploring other possibilities. A buyer's premium will be applicable to all lots sold at auction, charged at 0.01 per cent including VAT of the final sale price (subject to a minimum of £995 including VAT). The auction is to be held online, unconditionally, on July 2 at 6.05pm. (Image: Sage and Co via Rightmove) Pontypool, the location of the property, offers a blend of urban conveniences and countryside charm. The town is home to Pontypool Park, with walking trails, a peaceful lake, and gardens. Transport links offer comfortable commuting to major urban centres like Newport and Cardiff. From high street shops to the historic Pontypool Indoor Market, shopping lovers are well-catered for. The town also boasts the Blaenavon World Heritage Site in its vicinity. Pontypool's fame extends to its rugby heritage, with the 'Pontypool front row' being prominent Welsh rugby stars of the 1970s. It also has a rich industrial heritage, with iron forging history dating back to the Tudor times. This is symbolised by the 'Pontypool Japan-ware', a lacquered and decorated ironware. The town offers much to do, from exploring the natural and artificial beauty of Pontypool Park, visiting the dry ski slope and Shell Grotto, to ending the day at Folly Tower with a scenic view of Monmouthshire. For those interested in local history, Pontypool Museum provides a deep dive into the town's industrial past. Being on the edge of South Wales coalfields, Pontypool offers a range of outdoor activities from hiking, strolls, pottering around in the market, to soaking up culture and history.
Yahoo
2 days ago
- Business
- Yahoo
Wealthy homeowners accused of exploiting loophole to dodge 300pc tax raid
A Labour council has launched a crackdown on wealthy homeowners after accusing them of using a loophole to evade a 300pc tax raid on empty properties. Westminster council as much as quadrupled council tax in April in a bid to stop residents leaving houses unoccupied. It also rolled out double taxes for second home owners. But the move has been met with a 'significant increase' in the number of people using loopholes to avoid paying the higher taxes, according to the local authority. It is planning a crackdown by using the Government's anti-fraud database to reveal whether or not residents are falsely claiming key exemptions. Adam Hug, the council's leader, said: 'We have found a significant increase in owners trying to evade the additional costs by reporting the property as either not empty, not a second home, or, most commonly, claiming a single-person discount. 'It is challenging for officers to evidence that the property is indeed being used as a second home, especially if that person's primary residence is outside the borough. For both these issues, we are meeting with the Government's National Fraud Initiative.' The National Fraud Initiative is an electronic database designed to share information for use by private and public sector bodies that can identify potentially fraudulent claims, payments and inconsistencies. The council estimates that there are 34,000 homes in Westminster that are not being used as a primary residence, representing a quarter of its housing stock. This includes some 4,000 registered second homes and 1,300 long-term empty properties, as well as short-term lets used by tourists and private hospital patients. The borough has some of the highest house prices in the country, with properties selling for an average £1.5m last year, according to property website Rightmove. Speaking at a conference held last month by the Empty Homes Network, a pressure group for policy to tackle vacant properties, Mr Hug said Westminster was 'highly attractive to overseas investors' who are 'extremely wealthy' and 'significantly more challenging' to contact. From April, it imposed a 100pc council tax premium on homes that have been empty for up to five years, 200pc for up to 10 years and 300pc for more than a decade. Meanwhile, second home owners are liable for a 100pc council tax premium. Westminster is not the first council to have seen a double council tax raid on second home owners backfire. Analysis reported by The Telegraph shows local authorities will lose £334m to the policy because of a raft of exemptions available to residents. Other boroughs in the capital to have implemented double council tax for second home owners include Hackney, Wandsworth and Kensington and Chelsea. Sadiq Khan, the London Mayor, has even suggested that London second home owners should pay 'much more' than the 100pc premium. Westminster council has previously called for greater powers to take control of empty properties after just six months of being vacant to tackle homelessness in the borough. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
