The Market
London market has cooled under lockdown – Chestertons
New applicant numbers were down by nearly a quarter on last year’s levels in January, reports 31-branch agency, although deal volumes are still running high.
PCL sales & lettings market snapshot: An emerging supply/demand imbalance, and a ‘fundamental reset’
The Prime Central London lettings market has undergone a "fundamental reset" over the last year, says Knight Frank, while an emerging supply/demand imbalance is buoying sales values.
Tory MP urges abolition of Stamp Duty and Council Tax; backs calls for a proportional annual property levy
"Replacing council tax and stamp duty with a proportional property tax is the right thing to do for millions of people up and down the country," argues John Stevenson MP.
Prime London ‘buying frenzy’ cuts price discounts & sales times
Q4 saw the average prime London property price rise by 3.6%, according to Coutts bank, taking it back to roughly the level seen just before the pandemic struck the UK.
‘British house prices will flatline this year’ – Reuters
The latest Reuters poll of property market pundits predicts 0% growth for average London and UK property prices in 2021.
Half as many property sales were liable for Stamp Duty in Q4 compared to 2019
Just one third (34%) of residential transactions were liable for Stamp Duty in Q4 2020, compared to two-thirds (66%) in Q4 2019. The Stamp Duty holiday has caused a 22% year-on-year drop in tax receipts.
£1m+ home numbers rise for the first time in five years
A sharp rise in 2020 means that Britain is now home to 53% more seven-figure properties compared to a decade ago - but 7% fewer than in 2015.
Mortgage approvals hit highest annual total since 2007
103,400 house purchase mortgages were approved in the last month of 2020, taking the year's total to 818,500 - the biggest number in one year since 2007, despite approvals hitting a record monthly low…
Watch: MPs discuss extending the SDLT holiday
"A tapered relief seems to be the most popular view," summarised Elliot Colburn MP after more than hour of discussions about the merits (and some of the pitfalls) of extending the current Stamp Duty holiday.
Government’s new national design code & Office for Place aim to ‘bring back beauty’
The Government has published a new set of national design standards for property developments, formally introducing the word "beauty" into planning rules for the first time.
Property exchanges were up 57% in January – will the stamp duty holiday be extended?
As MPs prepare to debate a petition to extend the stamp duty holiday by six months, it’s worth keeping an eye on two pieces of data that will play a crucial role in the eventual decision, says Tom Bill...
Jenrick signs off Mayor Khan’s London Plan; calls on Boroughs to go further
"You still have a very long way to go to meet London’s full housing need," Housing Minister Robert Jenrick told London Mayor Sadiq Khan, "something your plan clearly and starkly fails to achieve."