Showing: 1 - 4 of 4 RESULTS

U.K. House Prices Jump Most Since 2016 in Post-Lockdown Boom

(Bloomberg) — U.K. house prices rose at their strongest annual pace since 2016 last month as Britons’ changing work patterns and a tax reduction on purchases fanned a resurgence.

Average house prices rose 7.3% in September from a year earlier to a record average of 249,870 pounds ($323,000), mortgage lender Halifax said Wednesday. On the month alone, prices gained 1.6%.



chart, histogram: Housing Boom


© Bloomberg
Housing Boom

Since the lockdown started to be eased in May, a wave of buyers have sought to sell up in urban areas such as London to move to places with bigger yards and more green space.

Loading...

Load Error

They’ve been helped by a temporary tax break on home purchases that will expire next year. Prime Minister Boris Johnson signaled more support for the market this week, with a promise of more generous home loans for millions of young first-time buyers.

Real estate agents and economists are unsure

Read More

DIY Boom Continues to Drive Demand for Home Improvement Stores

Home improvement stores are on track to permanently land in the essential services or daily needs category, which retail investors have focused on for years. This year, home improvement activity has increased dramatically, and 40% of consumers have indicated that they plan to continue home improvement projects beyond the recession, according to research from the NPD Group. The activity has driven home improvement store sales up 11% this year.

During the pandemic, home improvement stores have become the second fastest growing retail segment in both brick-and-mortar and online sales. In lawn and garden, tools, paint, kitchen and bath and hardware segments, each saw a double-digit increase in both online and in-store purchases. The average shopping trip also increased 10% compared to the average trip in 2019.

Home Depot Versus Lowe’s

Placer.ai, which also looked closely at shopping trends in the major home improvement brands, found that Lowe’s saw an early

Read More

House prices jump by most in four years amid COVID-19 buying boom

Estate agents property for sale boards on display outside a residential property in north London. Photo: Dinendra Haria / SOPA Images/Sipa USA
Estate agents property for sale boards on display outside a residential property in north London. Photo: Dinendra Haria / SOPA Images/Sipa USA

UK house prices are surging at their fastest rate in four years, as pent-up demand post-lockdown and a temporary stamp duty cut fuel a buying boom.

Nationwide’s closely-watched House Price Index found prices jumped by 5% on an annual basis in September, the biggest increase since September 2016.

Prices grew by 0.9% between August and September. Both the annual growth figure and the month-on-month growth were ahead of City forecasts.

The average UK house price now stands at £226,129 ($288,167), Nationwide said.

Watch: Why house prices are rising despite COVID-19 and a recession in the UK

“The rebound reflects a number of factors,” said Robert Gardner, Nationwide’s Chief Economist.

“Pent-up demand is coming through, with decisions taken to move before lockdown now progressing. The stamp duty holiday is

Read More

British house price boom to fizzle out next year: Reuters poll

By Jonathan Cable

LONDON (Reuters) – British home prices will rise 2.0% this year following a post-lockdown boom in the housing market, according to a Reuters poll, marking a sharp turnaround in views from a 5.0% fall predicted three months ago.

Britain’s economy shrank more than 20% in the second quarter after the government forced businesses to close and citizens to stay home, but it is expected to rebound with 15.8% growth this quarter as some restrictions have been relaxed.

The lockdown meant people spent more time indoors and a dash for larger homes and gardens pushed up prices in September, a survey by property website Rightmove showed last week.

That chimed with other surveys that have shown a post-lockdown surge in the market, also helped by a temporary cut in property tax.

Prices will rise 2.0% this year, the Sept. 15-25 poll of 22 property experts showed, but stagnate

Read More