UK house prices have risen at their fastest pace in 17 years.
6 May 2021
Nationwide reports that UK house prices rose by 2.1% in April from the month before, the biggest jump since February 2004. Prices have gained 7.1% in the past year. The upswing should keep going, says Andrew Wishart of Capital Economics. Survey data from the Royal Institution of Chartered Surveyors shows strong sales and limited stock for sale. Web searches for homes hit a six-year high last month.
This has been a boom like no other, says Roger Bootle in The Daily Telegraph. House prices fell in real terms during the last four UK recessions. This time they have risen thanks to extensive government support and ultra-low interest rates. The ratio of average house prices to average earnings is now close to its 2007 high. Does that mean we are heading for a crash? Probably not. Households are finding mortgage payments manageable thanks to rock-bottom interest rates. A property slump looks unlikely before the B
May 4, 2021, 10:20 am
Net mortgage borrowing reached a record £11.8 billion in March, according to the Bank of England (Anthony Devlin/PA)
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Net mortgage borrowing reached a record £11.8 billion in March, according to the Bank of England.
It was the strongest figure since records started in April 1993, the bank’s money and credit report said.
Housing market experts said those home owners who are not moving are taking advantage of low mortgage rates to improve their properties.
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The number of mortgage approvals is lower than the recent peak of 103,100 in November 2020, showing that amounts being borrowed is soaring. One in six homes sold for above asking price last month - the highest proportion for seven years as house market shows no sign of cooling
One in six homes were bought in March for more money than the amounts that sellers were originally asking for, according to estate agents.
It marked the highest proportion of homes selling for above the asking price in about seven years.
The number of sales agreed was also the highest for the month of March since 2007, NAEA (National Association of Estate Agents) Propertymark said.
UK Net Mortgage Borrowing Reaches Record High in ‘Red Hot’ Housing Market
UK homeowners are borrowing at record high levels to take advantage of the stamp duty holiday and low interest rates, new official figures have revealed.
According to statistics released by the Bank of England on Tuesday, net mortgage borrowing reached £11.8 billion ($16.4 billion) in March, the highest figure since records began in 1993. A general view shows the Bank of England and the City of London financial district in London, UK, on Nov. 5, 2020. (John Sibley/Reuters)
House prices have boomed across Britain during the CCP (Chinese Communist Party) virus pandemic despite the most significant economic contraction in a generation. The Resolution Foundation, a London-based think tank, called it “a very odd recession.”
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