Latest news with #houseSales
The Independent
a day 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.'
Times
6 days ago
- Business
- Times
UK house sales fall after April's stamp duty changes
Fewer house sales completed in April than in any month since the first lockdown after the increase in stamp duty costs. There were 55,970 residential transactions in the UK, according to the latest data from HM Revenue & Customs. That was 66 per cent fewer than in March, which was an especially busy month for estate agents, solicitors and removals companies. HMRC said it was the biggest month-on-month fall it had recorded. April was the slowest month for completions since May 2020 during the first lockdown, when the housing market was still effectively shut. By contrast, 165,340 sales went through in March, which was an 81 per cent month-on-month increase and the most since June 2021, just before the last stamp duty holiday was due to end.
Yahoo
7 days ago
- Business
- Yahoo
House sales ‘plunge' in April as stamp duty deadline ends buyer stampede
House sales dropped sharply last month as the stamp duty deadline put the brakes on buyer activity following a March rush, new figures show. There were 64,680 house sales in April – 64% lower than the 177,440 reported in March, according to estimates from HMRC. It was also 28% lower than the 89,860 sales reported in April 2024. HMRC said the latest figures have been affected by changes to stamp duty rates – a tax on property which applies in England and Northern Ireland. From April 1, first-time buyers started paying stamp duty on properties costing more than £300,000. They were previously exempt from paying the tax on properties up to £425,000. Buyers wanting to take advantage of the tax relief resulted in a stampede in the months prior to the deadline. Lenders including Lloyds and Nationwide reported their busiest ever month of lending in March with house purchases rocketing ahead of the deadline. Earlier this month, figures from the Office for National Statistics (ONS) showed the average UK house price increased by 6.4% annually in March as the flurry of activity provided some extra impetus for the housing market. Jason Tebb, president of property platform OnTheMarket, said: 'April saw a plunge in transactions following March's stampede to get deals across the line and take advantage of the stamp duty holiday. 'However, despite the removal of the stamp duty concession, the market remains remarkably resilient. 'This month's interest rate reduction, the fourth since the Bank of England started cutting rates last August, has given buyer and seller confidence a welcome boost.' Richard Donnell, executive director at Zoopla, said the latest data 'reflects the rush to beat the stamp duty holiday, which is still impacting the numbers from sales agreed three to five months ago'. He added: 'Our latest data shows a lull in new sales over Easter but a significant pick-up in sales agreed in recent weeks, reaching their fastest pace in four years. 'This resurgence is supported by less stringent affordability testing for mortgages, a larger pool of active buyers and an increase in homes available for sale.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
7 days ago
- Business
- The Independent
House sales ‘plunge' in April as stamp duty deadline ends buyer stampede
House sales dropped sharply last month as the stamp duty deadline put the brakes on buyer activity following a March rush, new figures show. There were 64,680 house sales in April – 64% lower than the 177,440 reported in March, according to estimates from HMRC. It was also 28% lower than the 89,860 sales reported in April 2024. HMRC said the latest figures have been affected by changes to stamp duty rates – a tax on property which applies in England and Northern Ireland. From April 1, first-time buyers started paying stamp duty on properties costing more than £300,000. They were previously exempt from paying the tax on properties up to £425,000. Buyers wanting to take advantage of the tax relief resulted in a stampede in the months prior to the deadline. Lenders including Lloyds and Nationwide reported their busiest ever month of lending in March with house purchases rocketing ahead of the deadline. Earlier this month, figures from the Office for National Statistics (ONS) showed the average UK house price increased by 6.4% annually in March as the flurry of activity provided some extra impetus for the housing market. Jason Tebb, president of property platform OnTheMarket, said: 'April saw a plunge in transactions following March's stampede to get deals across the line and take advantage of the stamp duty holiday. 'However, despite the removal of the stamp duty concession, the market remains remarkably resilient. 'This month's interest rate reduction, the fourth since the Bank of England started cutting rates last August, has given buyer and seller confidence a welcome boost.' Richard Donnell, executive director at Zoopla, said the latest data 'reflects the rush to beat the stamp duty holiday, which is still impacting the numbers from sales agreed three to five months ago'. He added: 'Our latest data shows a lull in new sales over Easter but a significant pick-up in sales agreed in recent weeks, reaching their fastest pace in four years. 'This resurgence is supported by less stringent affordability testing for mortgages, a larger pool of active buyers and an increase in homes available for sale.'
CTV News
21-05-2025
- Business
- CTV News
Barrie has a strong retail market this year
Barrie's house sales are up 20% over this time last year according to the Barrie and District Association of Realtors.
