Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.
Overview
BUILDING SAFETY BILL PUBLISHED
Claiming “the biggest changes to building safety in nearly 40 years’’, Housing Secretary, Robert Jenrick, said that the Building Safety Bill will set out a clear pathway for the future as to how residential buildings should be constructed and maintained.
PROPERTY PRICES IN SCOTLAND CONTINUE TO RISE
The property boom is continuing in Scotland – an annual growth figure of 12.1%, in the year to May 2021, has been recorded.
This is the highest increase in house prices in over a decade in Scotland and has occurred without the benefit of the Stamp Duty holiday, which has continued to offer buyers a significant discount elsewhere in the UK, fuelling the growth in house prices.
SCARCITY OF NEW LISTINGS
In its latest UK Residential Market Survey, the Royal Institution of Chartered Surveyors (RICS) has indicated that new listings are becoming increasingly scarce.
The RICS Survey points to a continuing excess of demand over supply, with a net balance for new instructions of -34% (down from -24% in May) during June, which is a third consecutive monthly fall in new listings.
HOUSE PRICES HEADLINE STATISTICS
- Average house prices in the UK increased by 10% in the year to May 2021
- On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.9% between April and May 2021
- House price growth was strongest in the North West where prices increased by 15.2% in the year to May 2021.