Housepresso 26 June 22
Brexit vs COVID are you a winner?
What has had the biggest impact on house prices Brexit or COVID-19? One was an event that impacted the UK significantly and caused a minor headache for its trading partners, the other a situation which rocked the entire globe.
The headline is that, so far COVID-19 has had a very positive impact on house prices, much larger than the impact of Brexit, but is the devil in the detail?
The 25 hottest housing markets right now
We often talk about 'the UK housing market' and 'UK house price inflation' as if there is one housing market and one rate of house price inflation. Neither is true. The UK is made up of hundreds if not thousands of tiny housing markets, which operate independently of each other. One person buying a home in Swindon does not move the housing market in Stockwell.
In this article, we look at the hottest 25 housing markets across the country.
Are house prices rising where you live?
The average house price in the UK is £281,161, average prices have increased by 12.4% or (£30,950) over the last year, and increased by 1.1% or (£2,950) last month.
The fact that UK average house prices increased in April by more than they rose in March suggests that so far rising mortgage rates and cost of living increases have done little to dampen the UK housing market, but are house prices rising where you live?
Housing transactions rise in May
Given the rising tide of mortgage rates and the increases in the costs of living, we were pleasantly surprised that housing transactions increased in May. At 109,210 housing transactions in May 2022 were 11% above their long-run average of 98,048. The housing market party is not over yet.
Twindig Housing Market Index
In the week that saw housing transactions nudge upward and inflation reach a 40-year high, the twindig housing market index was unchanged this week at 72.2. However, whilst the headline figure was unchanged within the index there were several moving parts