House prices rocket

House prices rocket 10.9% to a seven-year high

A buying frenzy in the wake of the pandemic has driven house prices to a near-seven year high, amid warnings activity could stall.

House prices in the United Kingdom rocketed by an annual 10.9% driven by shifting preferences and buyers seeking new homes in the wake of the pandemic. At the start of lockdown in March last year, buying activity plummeted with housing transactions falling to a record low of 42,000 in April 2020. But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March,” he added.

The extension of the stamp duty holiday from its original end date of March helped to maintain momentum in the market, but it is not the key factor pushing up prices now. And while estate agents predict room for growth in house prices over the next few months, a rise in unemployment when the government’s job protection schemes come to an end could potentially see activity abruptly fall.

The data, collected by a national mortgage lender, shows the largest rise in house prices in almost seven years, which hit a fresh record high at an average of £242,832.

This is an increase of £23,930 over the past 12 months.

According to a survey conducted by Nationwide, the majority of buyers would be considering a move even without the tax incentive recently extended by Chancellor Rishi Sunak - although the stamp duty holiday was helping to maintain momentum, the company said. The key factor driving prices up now is shifting housing preferences, which are continuing to drive activity, with people reassessing their needs in the wake of the pandemic.” There is also a “risk that demand gets ahead of supply and that will lead to a more generalised pick-up in inflationary pressure,” according to the Bank of England Deputy Governor Dave Ramsden.

Mr Ramsden told the Guardian in an interview that the central bank was “looking carefully at the housing market and a raft of real-term indicators.”

£35k available for outdoor projects in Sovereign communities

YCYC lets people submit project ideas for their community to vote on to receive funding - last year, six Bristol projects won a share of £40,000.

Daisy Mummery, Community Development Officer for Sovereign, added: “This is a great example of how money from YCYC can be used to transform an outdoor space in your local area.

“All project proposals for this round of funding must come from a Sovereign resident but Sovereign’s Communities team will offer full support with scoping out their idea and can engage local charities and groups to work with them if they feel they have an idea that will benefit the whole community.

“Projects must be uploaded to YCYC by 2 August 2021. The community will then be invited to vote for their favourites between 16 August and 17 September.” Sovereign residents living in Bristol are invited to submit project ideas for creating great outdoor spaces for their whole community.

Proposals can be submitted through Sovereign’s Your Community, Your Choice (YCYC) grants programme, with up to £10k available per project.

One of the winning projects from the last round of funding was the transformation of the communal outdoor area for residents living at Ashley Court in Montpelier.

Previously just an area for people to hang their washing, it now boasts table tennis, benches, picnic tables and planters full of flowers for everyone to enjoy.

Resident Robert said: "The project was an exciting opportunity for people at Ashley Court to come together and support each other, which has been particularly difficult during the Covid-19 pandemic.”

For more information on YCYC and how to submit an idea or vote, please click the image above .