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Table Of Content

• May: ONS – Annual House Price Inflation Eases In March
• How Much To Pay A House Sitter (4 Factors to Consider)
• UPDATE 19 July 2021 – Rightmove House Price Index
• June: Halifax Sees UK Home Affordability Slump To Record Low
• October: Zoopla Sees Dramatic Fall In House Price Inflation
• November: House price inflation edges 12%, average value £270,000

Zoopla says September’s mini-Budget under Liz Truss and Kwasi Kwarteng, after which mortgage rates climbed to recent record highs of 6.5%, had “brought the housing market to a near standstill in the last quarter of 2022”. “Moreover, household balance sheets remain in good shape with significant protection from higher borrowing costs, at least for a period, with around 85% of mortgage balances on fixed interest rates. Property values in Wales also remained comparatively strong with an annual growth rate of 6.1%, compared to 7.7% the previous month. Hamptons said that London is the only region where the average household gain exceeded £100,000 in every one of its local authority jurisdictions.

May: ONS – Annual House Price Inflation Eases In March

It means a new buyer purchasing a property at the current average asking price (£372,912) would pay an extra £117 a month on a mortgage with a 25-year term. Figures from the Office for National Statistics show the annual rate falling again in April to 3.5%, compared to 4.1% in March – the sixth consecutive monthly fall, writes Jo Thornhill. The platform says the outlook for the market remains subdued, with modest quarterly falls in house prices expected for the rest of this year. There was a 1.7% annual increase in England (average house price now at £304,000), with Wales recording by 1.8% (average house price now at £213,000) and Scotland 3.2% (average house price now at £193,000). Prices rose year on year in all UK nations, with Northern Ireland showing strongest growth at 5% (average house price now at £172,000). Month on month, the decrease was 0.3%, putting the average house price at £285,044, down from the £285,660 recorded in the previous index.

How Much To Pay A House Sitter (4 Factors to Consider)

Rightmove is warning that a “conveyancing log-jam” means those looking to move this year would need to act soon. It is currently taking 150 days on average to complete a purchase after agreeing a sale, 50 days longer compared with the same period in 2019. Despite having the least affordable homes in the UK overall, Westminster and the City of London have experienced the greatest improvement in affordability since the start of 2020. Halifax suggests increased demand for rural homes is the main driver for this change.

UPDATE 19 July 2021 – Rightmove House Price Index

Rightmove added that the combination of 140,000 sales being agreed in the first half of 2021, plus 85,000 fewer listings compared with the long-term average, had produced a shortfall of 225,000 homes for sale. “With the latter now entering its final stages, buyer activity should continue to ease over the coming months, and a steadier period for the market may lie ahead,” Galley added. The portal said that overall demand from buyers remains strong and suggested this could prompt an Autumn “bounce” in both prices and seller activity. It added, however, that first-time buyer and second-stepper properties – each less affected by the withdrawal of most stamp duty initiatives – continued to rise in price by 0.6% and 0.3% respectively.

The BoE said that those MPC members in the minority had called for a rate rise of 0.5 percentage points to 0.75%. He added that the challenges of getting onto the property ladder are likely to become even more acute in the short-term as household budgets come under mounting pressure. Property values have been pushed higher as households seek accommodation suited to changing lifestyles, including more time spent working from home and new commuting routines.

October: Zoopla Sees Dramatic Fall In House Price Inflation

All UK regions and cities saw annual price increases with the exception of Aberdeen, which posted falls of 2.2%. Average house prices in these areas now stand at £139,100 and £201,200 respectively. Property prices rose by 1.9% in the year to April, according to online property portal Zoopla, but rising mortgage rates could dampen future price rises this year according to experts, writes Jo Thornhill.

In contrast, East Anglia was the weakest performing region, with prices down 5.2% year on year. Across England overall, prices were down 2.9% compared with 12 months ago, while Wales saw a 1.9% decline. That said, the time taken to achieve a house sale has increased to 71 days, on average, nationally, rising to 79 days in London.

October: Pace Of Monthly House Price Decline Slows – Halifax

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It adds that, with more than twice as many buyers as sellers, the property market is entering the spring selling season with the biggest mis-match between supply and demand it had ever measured. England registered a 10.4% increase to £292,000, while prices in Northern Ireland climbed by 7.9% to £159,000. This was the weakest of the UK’s regions, although the figure was up sharply from the 3.8% registered by the capital in January this year. In the capital, rents reached a record average of £2,193 pcm in the first quarter of 2022.

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It said both regions could sustain a rise in house prices before homes in these areas become unaffordable. It added that the property market is moving at its fastest pace in five years, with homes consistently going under offer in less than 30 days since May this year. Wales continues to outstrip any other area in the UK with average annual house price growth of 11.5%,. The South West (9.7%) remains England’s strongest performing region, while the weakest was the South East (7%).

Average UK house prices fell by 0.2% in the year to February 2024, according to figures published today by the Office for National Statistics (ONS). Zoopla says it expects the current trends in house price inflation, and divergence between the south and the rest of the UK, will continue over the coming months. A House Sitting Rate Calculator is a tool used to determine the appropriate rate for house sitters who provide services such as taking care of a house, pets, plants, and other responsibilities while the homeowners are away. A house sitting agreement is a written contract between a homeowner and a house sitter, outlining the terms of their arrangement. The agreement also specifies conditions for termination and requires both parties' signatures and dates to make it legally binding. House-sitting can either be paid or unpaid, depending on the agreement between the house sitter and the homeowner.

It is unsurprising to see outdoor improvements so high on homeowners’ list of priorities, since 76% of adults surveyed by Trussle prioritise having a garden over access to a rail station or other public transport. When the Right to Buy scheme was first introduced in 1980, around 4.5 million council house tenants purchased their home. In the period from 2020 to 2021, however, just 9,319 social tenants made use of the scheme. The government says this risk would be mitigated by setting a cap on the number of housing association properties that can be sold, while committing to replacing each home sold. Landlords will be legally required to consider the request, and cannot refuse without a good reason.

While it’s only a whisker increase, it marks the first time that annual prices have been in positive territory after six consecutive months of falls. Regions in the south of England (including the South East, South West and East of England) have recorded the biggest annual price falls nationally. Average property prices in the East of England region are down by 2.1%, prices in the South West are down by 1.7%, while prices in the South East are down by 1.9%, year on year.

That means, to afford an average one-bed priced at $2,835 your annual income should come in at or over $113,400. For example, if you’re the type of person who likes to see a movie every week, it’s good to know a ticket costs around $17.89. If grabbing a pizza with friends is your ideal night on the town, it’s best to know the average cost for a pie is $12.99.

The mutual says housing market activity is extremely weak, with just 43,300 mortgages approved for house purchase in September, around 30% below the typical monthly average seen in 2019. Despite the general weakness in overall buyer demand, the first-time buyer market is showing signs of resilience. This is likely to be fuelled by record rises in rental costs, which are pushing more tenants towards the housing market.

It's also helpful to create an inventory list detailing valuable items and their locations within the home for easy reference. Discuss emergency plans and procedures, including who to contact in case of home, pets, or security issues. In addition to property security, house sitters often cater to the needs of pets if they are part of the household. This involves feeding, exercising, grooming, and offering companionship to ensure the animals are comfortable, safe, and content in the homeowner's absence.

Regionally, Scotland is the UK’s best performer in February, posting the biggest jump in both monthly and annual asking prices at 5.9% and 3.7% respectively. This positivity is reinforced by a marked increase in the number of homes being sold. The first six weeks of this year saw 16% more homes sold than the same period in 2023, according to Rightmove, and 3% more compared to the pre-Covid market of 2019. The North East region and London have led the rebound in sales, with numbers up 17% and 16% respectively. Buyer demand is a measure of arranged viewings for specific properties listed on Zoopla’s site.