Andy Sommerville, Director at Search Acumen, comments: “Housing transactions reached their highest point last month since the headlong rush to beat the introduction of the stamp duty surcharge twelve months earlier in March last year. A modest monthly rise from February 2017 nonetheless shows that a recovery in the residential property market is underway, with seasonally-adjusted transactions topping 100,000 for three successive months. This is just what the industry needs as the UK enters another potentially turbulent few months in the lead-up to the snap election on 8th June.
“Today’s house price data will do nothing to improve the bleak view of the UK’s property market. Average house price growth remains below the extortionate surge we witnessed in 2016, but the 5.8% growth in the year to February 2017 has rocketed the cost of buying to the highest point on record.
The industry must pull together to overturn our housing shortage and answer the cries of those struggling
Andy Sommerville, Director at Search Acumen, comments on today’s DCLG Help to Buy (Equity Loan scheme) statistics: 1 April 2013 to 31 December 2016
Search Acumen comments on today’s ONS House Price Index (Jan 2017) and HMRC Property Transactions (Feb 2017)
“Last week’s statistics on housing affordability proved just how disproportionate the gap between the average salary and house price has been over the past decade. Today’s ONS statistics reveal the first picture of the New Year and show us that the strong growth in UK house prices have little sign of easing. Average house prices in the UK have increased by 6.2 percent in the year to January 2017 – rising above December’s year-on-year growth – and will be leaving current homeowners celebrating whilst prospective buyers will be further deflated from their hopes of embarking on the housing ladder.
Search Acumen comments on today’s ONS housing affordability statistics for England and Wales: 1997 to 2016
“Today’s statistics reveal that the typical price paid for residential property in England and Wales increased by 259% between 1997 and 2016 – an obviously significant jump over nearly two decades. On average, working people could expect to pay around seven and a half times their annual salary when purchasing a home in England and Wales last year, up from around three and a half times their earnings twenty years ago. Evidently, the 21st century has seen home-ownership pushed far into the distance for many young professionals but we are now in danger of ‘Generation Rent’ encompassing house hunters of all ages.
Search Acumen comments on the Department for Communities and Local Government housebuilding statistics, 2016
Andy Sommerville, Director at Search Acumen, comments: “2016 housebuilding starts soared to their highest level seen in England since the financial crisis in 2008 – reaching over 150,000 across all dwellings.
“2017 will almost certainly be another year of big house price increases. The final month of 2016 saw a 1.4% jump in house prices, setting the tone for the year ahead.
Search Acumen transforms commercial property due diligence with launch of new, fully integrated data platform
Search Acumen, the property search provider, has launched an online platform specifically dedicated to commercial property transactions, designed to transform the due diligence process by providing real estate lawyers with instant access to commercial property data sets and the ability to conduct and manage a portfolio of property searches in one place.
The battle for a more efficient housing market has sprung into action with the publication of the Housing White Paper marking a vital acknowledgement of the current broken system. Planning for the right homes in the right places, building homes faster and diversifying the market are all welcomed ploys, but the announced modernisation of Land Registry mustn’t be overlooked as a leap in the right direction for our industry.
Andy Sommerville, Director at Search Acumen, comments: “Despite activity being 8.5% lower than 2015, data for December has revealed a steady end to the year with a 0.2% month-on-month increase in residential property transactions.