Posts with tag: XTB

Rightmove releases first House Price Index report of 2022

Published On: January 17, 2022 at 10:29 am


Categories: Property News

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According to its latest House Price Index, Rightmove found the average asking price of a property was £341,019 this month (January 2022).

This is 7.6% higher than in January 2021, the highest annual rate of price growth recorded by Rightmove since May 2016.

The report also highlights:

  • First-time buyer asking prices hit a new record of £214,176 after a monthly jump of 1.4%
  • Strong demand and continuing low numbers of available homes for sale set up the housing market frenzy to continue into the start of 2022, with early-bird sellers benefitting from increased buyer competition:
  • The number of buyers enquiring about homes is 15% higher than the same time last year
  • The number of available homes for sale per estate agency branch drops again to a new record low of just 12
  • As a result, competition among buyers is almost double what it was at this time last year
  • However, there are early signs that more property choice is on its way, with the first working week of 2022 being the busiest start of the year ever for people requesting agents to come out and value their homes:
  • The number of home valuation requests in the first working week of 2022 is 44% up on the same period last year, and 48% up on the same period in 2020

The full report can be read on the Rightmove website.

Walid Koudmani, market analyst at financial brokerage XTB, comments: “Falling supply continues to increase pressure on house prices as buyers begin to run out of options while prices continue to steadily increase.

“Today’s HPI report highlights the ongoing trend we have seen with house prices rising once again as less properties become available on the market due to an increase in sales seen at the beginning of the year. Unless the supply situation is alleviated, we could continue to see an increase in prices for average buyers while a slight rebound is expected moving forward as more properties are expected to be listed in the coming months.”

Chris Hodgkinson, Managing Director of HBB Solutions, comments: “There’s certainly been no New Year’s change where the UK property market is concerned, and homebuyers are still swamping the market while house prices continue to defy the ‘what goes up must come down’ mantra.

“In fact, with stock levels remaining low, this fresh wave of demand is pushing asking prices even higher than the stamp duty fuelled thresholds of last year. 

“When you also consider that the cost of borrowing is still very low, we can expect more of the same where property market performance is concerned in 2022.”

Marc von Grundherr, Director of Benham and Reeves, comments: “There have been no signs of a sluggish start to the year for the property market and not only are we seeing a very strong level of buyer activity, but we’ve also been inundated with requests from potential sellers keen to make the most of these buoyant market conditions. 

“We’re now seeing a strong level of activity returning to the London market and the capital’s forecast is far brighter for the year ahead, having been uncharacteristically left in the shadows during the pandemic house price boom. 

“Overseas buyers are returning in their number and the capital is hotting up as the time to sell a home reduces and stock availability comes under pressure. 

“If buyers are quick there is still an element of ‘old stock’ that has been stuck on the market and these opportunities can potentially be snapped up at relatively decent price levels – for now.”

Colby Short, Founder and CEO of, comments: “Many home sellers will have listed their home prior to the festive break in anticipation of a fast start to the year and this proactive approach is now paying off as many are already accepting offers on their homes. 

“However, for those buyers who are struggling to find their ideal home, there is hope for the year ahead. Now that the dust has settled following the final stamp duty holiday deadline, we’re seeing a significant increase in the number of sellers heading to market.

“So, we can expect to see a good level of fresh stock materialise over the coming months, bringing greater choice to buyers and adding yet further fuel to the house price growth furnace.”

Halifax publishes final house price data for 2021, reporting record high

Published On: January 12, 2022 at 10:33 am


Categories: Property News

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Halifax’s final House Price Index for 2021 shows house prices were up 9.8% last year.

The report also states that the average price of a UK property hit a record high of £276,091 in December.

Halifax expects house price growth to slow in 2022.

Russell Galley, Managing Director of Halifax, comments within the report: “UK house prices climbed again in December for the sixth consecutive month in a row, up 1.1%. The average price for a property now stands at £276,091, an increase of more than £24,500 compared to December 2020, marking the strongest year-on-year cash rise since March 2003.”

Iain McKenzie, CEO of The Guild of Property Professionals, comments: “After an incredible year, the average UK property costs a record-breaking £275,000, with the last six months of 2021 showing unbroken growth.

“The average home rose £24,000 in a year – the largest annual cash rise since 2003, flying in the face of the economic uncertainty faced by many prospective buyers and the scaling down of government incentives.

“The housing market starts 2022 in a very strong position. Valuation requests from homeowners are a fifth higher than the year before, mortgage approvals are the highest they’ve been for years, and the pandemic appears to be on the wane. 

“Further interest rate rises are likely this year, but while demand outstrips housing, we expect that prices will continue to rise this year, albeit at a much slower pace than we saw in 2021.”

Walid Koudmani, market analyst at financial brokerage XTB, comments: “Today’s (7th January 2022) Halifax HPI data showed an increase in house price of 9.8% in 2021 and continues to show the ongoing trend the Bank of England has been striving to contain by adjusting its policy.

“While a lack of available homes for sale and historically low mortgage rates have helped drive annual house price inflation to its highest level since July 2007, today’s report indicated a slight slowdown in price growth which could bring some optimism as markets remain concerned about more aggressive measures taken by central banks to contain inflation.”

Halifax reports average house prices increased sharply in September

Average house prices increased 7.4% annually in September, Halifax’s latest figures show, up from 7.2% in August.

The report also states that the average UK property price is now at a record £267,587. Wales continues to outperform the UK average house price inflation, with an annual growth of 11.5%. Scotland has also continued to outperform the UK average, with a growth of 8.3%.

Industry reactions

James Forrester, Managing Director of Barrows and Forrester, comments: “Although the second phase of the Stamp Duty holiday continued to offer a notable saving for a great deal of homebuyers, we simply didn’t see the same mass panic to complete ahead of the deadline that had previously gripped the market. So, it’s unlikely that the buoyant conditions we’re still seeing are solely a result of the holiday itself.

“While there will no doubt be some form of erratic price movement on a month-to-month basis until the market settles down for good, we don’t expect the removal of this tax incentive to significantly impact the market at any level.”

Marc von Grundherr, Director of Benham and Reeves, comments: “The Stamp Duty holiday clock has now well and truly expired and those to have seen a last gasp saving would have entered the market many months ago in order to complete in time. As such, it’s fair to say that the property market is very much standing on its own two feet and so any fears of a market collapse following the Stamp Duty holiday can now be well and truly put to bed.

“Of course, such heightened levels of market activity may inevitably bring a slight cooling in the rate of house price growth, but that’s to be expected.

“The London market has been waiting patiently in the shadows watching manic levels of activity play out across the rest of the UK. The higher price of property has long seen many London homebuyers disregard the importance of the Stamp Duty holiday, particularly since the price threshold was reduced.

“However, we’ve seen a far more natural level of momentum building across the market and this looks set to snowball during the autumn and winter months. As a result, our money is on London to finish the year with the most impressive performance where house price growth is concerned.”

Colby Short, Founder and CEO of, comments: “It’s a relief to have woken up and seen the world still turning post Stamp Duty holiday having heard many spout predictions of property market Armageddon.

“While Stamp Duty may be a dubious government money grab in the eyes of most, it’s simply not enough to deter our aspirations of homeownership and the market is still in very good health.

“The cost of borrowing remains favourable and this will continue to fuel demand while a significant imbalance between this demand and the stock available will ensure house price growth remains buoyant.”

Walid Koudmani, market analyst at financial brokerage XTB, comments: “Data from Halifax showed UK house prices grew 7.4% annually, whilst a monthly growth of 1.7% was the strongest pace since 2007. This cuts a three-month downward trend in annual price growth.

“It’s clear one key driver of the price growth continues to be hunger for houses as buyers demand more space as firms have moved to maintain flexible working between the office and home. This is why house price growth exceeds flat price growth by 8.9% to 6.1%. Yet also the lack of supply is also a key driver here behind the price growth, with many buyers bringing completions early to take advantage of the Stamp Duty discount which has now expired.

“It’s likely that supply will continue to be short in the very near term and this may likely keep house prices elevated in the months ahead. The medium-term picture remains much more uncertain however as its likely prospective buyers may start to be priced out due to looming interest rate rises and inflationary pressures.”

Nicky Stevenson, Managing Director at national estate agent group Fine & Country, says: “A reality check has been forthcoming — it’s just not the one anyone was expecting. 

“House price growth has accelerated just as the market’s crutches have been taken away. This is the exact opposite of what logic dictated should have happened in September and tells you the rally isn’t over yet. 

“The housing market has hurtled into what had been widely billed as a period of adjustment but its reaction has defied gravity yet again.

“All major government support, in the form of the furlough scheme and Stamp Duty giveaway, had effectively vanished in the minds of these buyers. However, fears of an immediate and animated slowdown have come to nothing. 

“This suggests the pandemic has done more than deliver a head-turning run of record highs. Changes in property shopping habits could well have some of the permanence that has only been an article of faith so far, even once you factor in the persistent lack of stock that continues to put a floor under prices.”

Lucy Pendleton, property expert at independent estate agents James Pendleton, comments: “The market has delivered a record high just as the stool was being kicked away. It also did it in some style. The last time we saw monthly price growth like this, Tony Blair was Prime Minister.

“For all the talk of this rally slowing, it’s still right up there with some of the most bullish markets on record.

“However, London continues to underperform. Average prices are so much higher in the capital that a period out of the limelight isn’t necessarily a problem on paper but investors are keeping a keen eye on London’s post-pandemic recovery. Ultimately, they will go where the demand is but it’s too early to tell whether an influx of buyers and renters will put the capital back in pole position next year in relative terms. 

“The reinstatement of an office into people’s work routine is still a work in progress but, judging by the number of people we speak to who have done a screeching u-turn on plans to move to the country, rumours of a weakening of demand for London property seem to have been greatly overstated. 

“Buyers with the flexibility to drop everything and go on a viewing are becoming rarer by the day. People are living their new normal — it’s just not as new as we all thought it was going to be.

“The economic pain expected over the next six months could hasten the capital’s re-emergence as the country’s best performing region but that’s a silver lining to a dark cloud that could sorely affect the wider market.

“The uncertainty of a world not propped up by Stamp Duty tax breaks and furlough handouts is likely to most severely affect the regions where growth has truly been on fire.”

Karthik Srivats, co-founder of mortgage lender Ahauz, comments: “It’s been a frenetic time in the housing market and this data shows things have not got any easier for first-time buyers.

“The tail end of the Stamp Duty holiday has seen a bump in house prices after a period in which the pace of annual growth appeared to be slowing slightly.

“Growth in prices continues to outstrip wages and raising a deposit the old-fashioned way through patient savings remains an unrealistic dream for most. With the cost of living going up and an upcoming increase in taxes, first time buyers across the country are craving for any kind of support to get on the property ladder.

“One piece of good news is that first time buyers now have sole access to Stamp Duty relief on purchases up to £300,000 which may give them a slight edge going forward. 

“Looking ahead, while many are still forecasting more modest gains later in the year, it really is a case of, believe it when you see it.

“Rock bottom interest rates and a continued demand for bigger homes with more outdoor space may well support buyer activity for some time to come.”