The property market is still on a roll with Rightmove’s latest House Price Index Report announcing this week that prices hit a record high and that properties are selling at the fastest pace ever recorded. The national average price of property coming to market hit a new all-time high of £327,797, following a 2.1% (+£6,733) monthly jump and even London saw a 1.4% increase.
Now, let’s take a look at the headlines that caught our attention this week, I always try to summarise the links to save you having to click through.
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- UK landlords show increased interest in green buy-to-let mortgages – Research carried out by Mortgages for Business has reported that three in every five landlords are now interested in green buy-to-let mortgages. These mortgages actually reward borrowers with discounted rates for making their properties more energy-efficient and reducing their carbon footprint. I think this is a great idea and gives a great incentive for landlords which will ultimately provide greener and more energy-efficient homes in the long run.
- Stamp duty receipts surge to £1.2bn in March – Last month saw the stamp duty receipts surge to £1.2bn which made it the fifth-highest month since the tax was introduced in 2003. This was 22% higher than in March 2020. This further demonstrates the large volume of activity taking place in the property market. Between the 2020-21 tax year the taxman collected £8.7bn in stamp duty even with the temporary 0% rate for purchases up to £500,000. Still think the government will consider scrapping stamp duty?
- A new way of living – will Nottingham be the first true 15-minute city? – The pandemic has encouraged the concept of localism with people being confined to their local areas for the majority of last year leading to the 15-minute city concept coming to the forefront more than ever. It seems that the person who coined the concept, Professor Carlos Moreno, has said Nottingham has the qualities to be one of the world’s first true 15-minute cities. He said that Nottingham, a key regional city in the Midlands most famous for Robin Hood and football, has the chance to develop a polycentric model with the new Island Quarter showing potential to be “the 15-minute city in a nutshell.
- Beach huts sell for £325k in Dorest as demand soars ahead of summer staycations – Ok, I had to read this twice to double-check it said ‘Beach huts’ and not ‘Beach houses’. Three huts in Mudeford, Dorset, sold for a staggering £325,000 as demand for staycations explodes. With travel plans still rife with uncertainty, another summer of staycations has seen beach hut sale prices soar with a 41% uplift in the last year alone. Adrian Murdock, Hoo co-founder, said “The prospect of another summer of staycations has seen beach hut sale prices soar. Demand for beach huts is pushing up prices as holidaymakers invest in their own piece of beach hut bricks and mortar”.
That is all we have for you this week. If you have any comments or questions on this week’s news summary then please feel free to send us an email at [email protected] – if not, see you next week.