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Property prices reach new record rising another 1.6%: Rightmove

The price of property coming to market has hit a new record high for the third consecutive month, with an average monthly increase of 1.6% rising by £5,537, according to the latest data from Rightmove’s house price index.

The data showed that house prices have risen by £19,082 over the last three months, which is the largest three-month price increase that Rightmove has recorded, as high buyer demand has enabled sellers to ask and achieve higher prices.

With not enough property available on the market, sellers are able to find a buyer quicker than ever before, according to Rightmove, and twice as quickly as in the same period in the more normal market of 2019.

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Despite the growing economic headwinds, Rightmove forecasts that these headwinds will slow the pace of price rises as the year progresses.

With three new monthly price records in a row, Rightmove director of property data Tim Bannister comments: “2022 has started with price-rise momentum even greater than during the stamp-duty-holiday-fuelled market of last year.”

Bannister says: “While growing affordability constraints mean that this momentum is not sustainable for the longer term, the high demand from a large number of buyers chasing too few properties for sale has led to a spring price frenzy, a hat-trick of record price months, and the largest price increase for a three-month period Rightmove has ever recorded.”

“The strong momentum has carried over from last year and, combined with the impetus of the spring moving season, has delivered the quickest selling market we’ve ever seen. The high speed of the market and competition among buyers when making an onward move will be deterring some owners from putting their homes up for sale.”

Three months of price growth in the midst of rising inflation and interest rates, as well as the ongoing economic uncertainty, according to MT Finance director Tomer Aboody, “further highlights the lack of properties coming onto the market. This is creating huge competition among buyers, which is driving prices ever higher”.

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Aboody comments: “While the chance of further interest rate rises is extremely high, buyers are taking advantage of low rates and fixing for as long as possible in order to manage their mortgage payments over the next few years.”

He highlights that a change in stamp duty is needed so that more sellers look to sell, increasing supply and stabilising house prices.

The index also showed that across Great Britain in Rightmove’s lower, middle, and upper market sectors, properties are at new record price levels, which is only the second time since 2007 that such an event has been recorded, with the previous ‘full house’ being earlier in this property frenzy in October of last year.

In 2019, the average time to sell was 67 days, the index’s latest data showed that it currently stands at an average of just 33 days before a property is marked as sold subject to contract on Rightmove.

With properties selling faster than ever, 53% of properties that sell are now selling at or over their final advertised asking price, the highest percentage the index has ever measured.

Rightmove says that properties are achieving 98.9% of the final advertised asking price on average, which is also the highest percentage since its records started.

However, it has been highlighted that the pace of price rises is beginning to tail off a little, with this month’s increase of 1.6% being lower than the 1.7% and 2.3% in the previous two months.

While it is normal to see modest seasonal price falls in several months of the second half of the year, with stock remaining at record lows and underlying strong demand, Rightmove says it does not expect the falls to be any more significant than usual this year.

Henry Dannell director Geoff Garrett comments: “While we don’t expect to see market activity evaporate completely, the growing cost of living will be a significant factor in the months to come and as household finances are stretched, it’s likely that prospective buyers will ease off on the sums they’re willing to offer. As a result, sellers will need to realign themselves with these changing market conditions and this will cause the rate of house price growth to cool.”

By Becky Bellamy

Source: Mortgage Finance Gazette

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UK housing market shows signs of stability with Brits’ reluctant to spend

The UK housing market could be returning to stability, say analysts, before deals pick up as warmer weather blankets the country.

Residential transactions for March have plunged more than a third in comparison with the same month last year, according to the government’s latest figures, after a continued, pandemic-era, buying frenzy.

Although deals have climbed 18 per cent higher than February, HMRC data showed, as gloomier weather recedes.

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“Could this be the turning point with spring and summer upon us when the market finally gets some stability and pricing normalises?,” Tomer Aboody, director of property lender MT Finance, questioned.

It follows the end of the stamp duty holiday, which saw real estate agencies report record activity as buyers raced to climb the property ladder.

Despite the logistics real estate market taking off in the UK, as businesses seek to bring distribution hubs closer to home, non-residential deals sank nearly six per cent year-on-year – but have surged 36.6 per cent in comparison with February.

With non-residential transactions “still trailing behind” their residential counterparts, Aboody urged for business rates reform, in a bid to lure retailers back to high streets after a bleak pandemic period.

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Cost of living squeeze

The levelling out of transactions year-on-year could signal how potential buyers are feeling less reluctant to splash the cash given the UK’s economic and inflationary position.

“The rising cost of living and interest rates, especially for those on tight budgets, are contributing to an easing of price growth and a drop in sales,” said north London estate agent Jeremy Leaf.

However, “Demand still comfortably exceeds supply and correctly-priced houses continue to attract considerable interest while mortgage repayments remain relatively affordable,” he added.

Senior pensions and retirement analyst at Hargreaves Lansdown, Helen Morrissey, chimed, explaining that Brits’ squeezed finances are ‘dampening’ the appetite for new homes.

“Comparisons with last year are tricky with the stamp duty holiday and the pandemic race for space causing a huge surge in activity but while the number of transactions is down on this time last year, it is still a massive 18 per cent up on last month’s figure,” she continued.

“How long the market can maintain this momentum remains to be seen as there are significant headwinds incoming.”

By MILLIE TURNER

Source: City AM

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House prices set to rise further based on transactions currently underway

UK house prices look set for new record highs in the coming months despite the cost of living squeeze.

Residential property prices have continued soaring in recent months despite 30-year high inflation and a worsening cost-of-living crisis, and the signs are that they will rise further in the coming months in light of the ongoing supply-demand imbalance.

The imbalance between supply and demand will continue to drive prices upwards through the spring despite growing pressures on household finances and rising borrowing costs, with the average property price in England and Wales set to hit a new record high of £389,712 in June 2022, according to the reallymoving House Price Forecast.

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The supply crunch, which has seen the volume of properties for sale plummet to record lows, combined with unseasonably strong buyer demand, is preventing sale prices from falling, as would normally be expected when households experience sudden financial pressure.

Reallymoving captures the purchase price buyers have agreed to pay when they search for conveyancing quotes through the comparison site, typically 12 weeks before they complete. This enables reallymoving to provide a three – month house price forecast that historically has closely tracked the Land Registry’s Price Paid data, published retrospectively.

Based on deals already agreed between buyers and sellers, prices will rise by 4.7% in April and 6% in May before slowing to growth of 1.3% in June – a direct result of buyer competition for a limited supply of homes during the early months of the year.

However, the market is expected to flatten later this year as inflation bites further and mortgages become more expensive.

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Rob Houghton, CEO of reallymoving, commented: “House price forecasts for the coming quarter suggest we’re heading into a period of strong price growth, but when taken in the wider context what we’re actually seeing are prices being inflated by a severe supply squeeze. This is forcing the market upwards, masking the impact of inflation and rising costs on household budgets which we would normally expect to rein in price growth.

“Having less money in their pockets will ultimately deter people from taking on more debt as they move up the ladder, and at some point in the near future this will slow house price growth. Much will depend on the volume of new listings we see coming onto the market and the speed at which lenders push up the price of fixed rate mortgages.”

By MARC DA SILVA

Source: Property Industry Eye

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House prices to reach record high, shows Reallymoving data

The average house price in England and Wales is set to continue to rise over the next quarter to a new record high of £389,712 in June 2022, according to Reallymoving’s March House Price Forecast.

The forward-looking index, which captures the purchase price buyers agree to pay when they search for conveyancing quotes, suggests that the imbalance between supply and demand will continue to drive prices upwards through the spring despite growing pressures on household finances and rising borrowing costs.

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The supply crunch, which has seen the volume of properties for sale plummet to record lows, combined with unseasonably strong buyer demand, is preventing sale prices from falling, Reallymoving’s data found.

Based on deals already agreed between buyers and sellers, it predicted that prices will rise by +4.7% in April and +6.0% in May before slowing to growth of +1.3% in June.

The rises are said to be a direct result of buyer competition for a limited supply of homes during the early months of the year.

After the Bank of England increased the base rate 0.75% last month, the current run of house price growth is likely to slow later this year, according to the data.

House prices have risen by more than 10% compared to this time last year and are £66,000 higher than when the pandemic started.

For first-time buyers that are tempted to wait for a decline in house prices, Reallymoving says buying with a long-term view will help ride out any short-term fluctuations and locking in a fixed-rate deal will help save money in the long run.

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Meanwhile, for those looking to downsize to a smaller property as the cost living cost continues to rise, data suggests releasing equity now will help to secure the maximum price for the property.

Reallymoving chief executive Rob Houghton says: “House price forecasts for the coming quarter suggest we’re heading into a period of strong price growth, but when taken in the wider context what we’re actually seeing are prices being inflated by a severe supply squeeze.”

Houghton explains: “This is forcing the market upwards, masking the impact of inflation and rising costs on household budgets which we would normally expect to rein in price growth.”

“Having less money in their pockets will ultimately deter people from taking on more debt as they move up the ladder, and at some point in the near future, this will slow house price growth. Much will depend on the volume of new listings we see coming onto the market and the speed at which lenders push up the price of fixed rate mortgages,” he adds.

By Becky Bellamy

Source: Mortgage Finance Gazette

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Consumer confidence in housing market remains stable

Consumer confidence in the housing market shows little change despite the cost of living crisis, according to OnTheMarket.

The property website reports that high levels of buyer and seller sentiment continued unabated in March, with the proportion of active purchasers and vendors confident that they can purchase or sell within three months unchanged from February.

Despite considerable upheaval over the past month in the wider economy, including another Bank of England base rate rise of 0.25 percentage points, taking us back to the pre-Covid rate of 0.75%, together with the cost of living crisis becoming prevalent in many householders’ minds, the housing market continues to adjust and thrive, OTM said.

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Jason Tebb, chief executive officer of OTM, suggests that the current market is continuing to adjust to a ‘new normal’, an elevated version of the pre-pandemic market, where heightened buyer activity and demand continues to meet low levels of housing stock.

He commented: “March saw an uptick in new listings coming to the market as we’d expect in the run-up to Easter, particularly large, detached family properties. However, as well as those who may have recently made the decision to move this year, there remains strong pent-up demand from buyers who are keen to rectify missing out on a move in the past 12 or even 24 months.

“Sure enough, our data bears this out with 64% of properties sold within 30 days of first being advertised for sale in March, compared with 61% of properties in February. In real terms, this echoes what many of our agents are saying anecdotally, which is that new listings aren’t hanging around for long.

“Many of those buyers who hesitated and didn’t make a purchase last year are finding it difficult to afford what they were considering buying previously, such are the price differentials and gains in value over the last 12 months.

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“What’s more, despite double-digit growth in many parts of the country, asking prices continue to rise; our data showed a £12,517 jump in average asking prices between February and March 2022 alone.”

Tebb is urging buyers to be “organised, bold and decisive” if they are serious about moving, especially with demand likely to outweigh supply for a while yet.

“Delays in committing to a purchase could mean the market further runs away from them, or at the very least buyers will suffer from the disappointment of missing out on their chosen property,” he added.

Vendors are currently achieving strong prices but, naturally, for those moving up the ladder that also means spending a relatively higher price on their next property, as the trading gap is growing ever wider.

Tebb continued: “Overall, we’d suggest that a remarkable level of confidence remains in the housing market, despite all apparent headwinds. With rising living costs only likely to continue on their upwards trajectory, many buyers are keen to lock into a low mortgage rate before they rise further still.

“This means that the current direction of travel for the UK’s property market seems set to remain unchanged, certainly as spring heralds the usual time for sellers to instruct an agent to take advantage of gardens that are looking more colourful now winter is behind us.”

By MARC DA SILVA

Source: Property Industry Eye

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UK housing market remains solid despite economic worries – RICS

The UK housing market had solid growth in March as the number of homes listed for sale rose despite worries about higher living costs and interest rates, a survey showed.

The Royal Institution of Chartered Surveyors’ (RICS) residential market survey found that +8% of estate agents had a rise in fresh listings and that new buyer enquiries rose with +9% of respondents reporting an increase. This was the first time since the start of the pandemic that supply and demand had been so closely in line.

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The number of agreed sales was unchanged from February at +9%, showing a steady increase in transactions. But the average number of properties on agents’ books stayed close to historic lows. RICS’ figures show the difference between agents reporting increases and declines.

Agents were moderately optimistic about the outlook with +16% of respondents expecting activity to increase over the next three months and with agents expecting volumes to be broadly stable over the coming year.

House prices continued their upward trend with +74% of agents reporting increases, in line with the trend over the past year. Northern Ireland, Wales and northern England had the biggest increases.

Respondents expect prices to keep rising over the next three and 12 months despite worries about higher living costs and potential interest rate increases designed to combat inflation. In the rental market landlord instructions rose for the first time since July 2020 but demand still outstrips supply and rents are expected to rise.

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Simon Rubinsohn, RICS’ chief economists, said: “Despite mounting concerns about both the macro environment and the war in Ukraine, for now the feedback to the RICS survey shows the housing market remains resilient. Rising interest rates have begun to push up the cost of mortgage finance but debt servicing remains low in a historic context which helps to explain why the new buyer enquiries indicator remains in positive territory.”

The UK’s housing market boomed during the pandemic, driven by a temporary cut to stamp duty and households reassessing their property needs with the ability to work from home. Activity has reduced from the frenzy of 2021 but many experts have been surprised by how long the market has stayed busy.

Rubinsohn said: “It is encouraging that a little more stock appears to be returning to the market. This is still early days in that inventory remains not far off historic lows but if the trend continues, it could help to create a better balance between supply and demand. That said, there is little evidence of this outcome materialising in the 12-month metrics which continue to point to further increases in prices and a flatter pattern in transactions.”

By Sean Farrell

Source: ShareCast

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Mortgage demand lifts despite spike in living costs: BoE

Demand for secured lending for house purchases lifted in the first quarter of the year and is expected to jump over the next three months, according to a Bank of England report.

Banks and building societies reported a net balance of 6 when asked how demand had changed, swinging from -34.8 in the final quarter of last year, despite steep rises in the cost of living.

When asked how demand would change over the coming three months a balance of 17.3 said demand would be greater, compared to -28.7 at the end of last year, says the Bank’s latest credit conditions survey.

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Demand for remortgages was in positive territory at 14.9 in the first quarter, but lower than the net balance of 70.4 of lenders who reported three months ago.

However, over the coming three months a balance of 11.1 lenders expect to see higher demand for remortgages compared to -7.2 at the end of last year.

The survey comes at a time when the country faces a cost of living crisis. Inflation rose to 7% in the year to March, the highest rate since 1992 and up from 6.2% in February. Energy bills are set to rise by an average of 54% this month, interest rates have lifted three times in four months to 0.75%, with national insurance contributions and council tax bills also set to rise – sparked by supply chains shortages and the war in Ukraine.

Lenders in the Bank’s survey were gloomy about the availability of secured credit reporting a balance of -2.7, compared to 23.1 three months ago.

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Over the coming quarter -22.3 thought secured credit to households would tighten, swinging from 15.1 at the end of last year.

Lenders blamed a changed economic outlook for squeezed credit conditions reporting a balance of -18, compared to 20.2 three months ago.

Banks and building societies continue to be willing to lend to first-time buyers, but are more cautious about this market. When asked about their willingness to supply loans to borrowers with equity of 10% or less they reported a balance of 9.6, compared to 19.8 in the previous quarter.

Over the coming three months a balance of 10.8 showed interest in the FTB market, compared to 30.7 at the end of last year.

By Roger Baird

Source: Mortgage Finance Gazette

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UK house prices increase 10.9% from February 2021

House prices in the UK have increased 10.9% on an annual basis, with the average property in the UK being valued at £276,755, according to the latest data from the government’s house price index.

The data found that house prices in the UK have risen by 0.5% since January this year.

The UK Property Transactions Statistics showed that in February 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 112,240, representing a 20.8% decrease compared to February 2021.

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Between January and February 2022, UK transactions increased by 4.4% on a seasonally adjusted basis.

SPF Private Clients managing director of mortgage broker Mark Harris suggests that the “ready availability of cheap finance” is one of the contributing factors to higher house prices.

Harris comments: “Lenders remain keen to lend, with borrowers opting for longer-term fixes in order to counter the considerable uncertainty in the world.”

“While changes are being consulted on to relax some affordability criteria and allow certain buyers to borrow more, a return to irresponsible lending is unlikely given there would still be barriers in place,” he adds.

In England, house prices have on average increased by 0.9% since the start of this year, while an annual price rise of 10.7% takes the average property value to £295,888.

For London, house prices have on average gone up by 2.2% since January, while on an annual basis prices have risen by 8.1%, which has increased the average property value to £529,882.

Although London may not be seeing the fastest levels of growth compared with other parts of the country, Antony Roberts director Alex Lyle says: “London continues its upwards trend in prices, with detached family homes doing particularly well.”

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“We continue to see large numbers of viewings, multiple offers and sealed bid scenarios, with buyers on our patch anxious not so much about rising house prices or interest rates but limited choice.”

Meanwhile, house prices in Wales have fallen on average by 0.7% since January 2022, however, on an annual basis, the average property value has increased by 14.2% to £205,114.

Regional data showed that the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.5%.

The East Midlands saw the most significant monthly price fall with a movement of -0.4%.

London experienced the greatest monthly growth with an increase of 2.2% but saw the lowest annual price growth with an increase of 8.1%.

Henry Dannell director Geoff Garrett says: “The market has continued to excel despite what is a very delicate economic landscape and while the cost of borrowing has remained fairly favourable, those currently looking to buy should tread very cautiously with regard to over borrowing.”

“It remains to be seen as to whether the cost of a mortgage will climb substantially this year, but with the wider cost of living also putting a squeeze on household finances, those borrowing well beyond their means may fall into financial difficulty further down the line,” Garrett adds.

With soaring inflation, the ongoing cost of living crisis and higher energy bills, Quilter mortgage expert Karen Noye says “many people are feeling the squeeze financially”.

Adding into the mix, the new energy price cap and increase in national insurance, alongside an increase in moving costs, Noye suggests house prices could dip over the coming months.

She comments: “While house prices have remained robust for the time being, how the housing market truly reacts to the current circumstances is yet to be seen. However, it is unlikely that house prices will be able to continue rising at the same rate seen in recent times – particularly against the backdrop of an economy already trying to recover from the impact of the pandemic.”

“If a slowdown does begin to materialise, a gradual fall in house prices is expected as opposed to a sudden drop. At present, there remains too much demand and too little stock, so house prices will likely remain high for some time yet,” Noye concludes.

By Becky Bellamy

Source: Mortgage Finance Gazette

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Annual house price growth in England and Wales up 8.4%

Annual house price growth has increased to 8.4% in England and Wales during March, according to the latest data from e.surv’s Acadata House Price Index.

Data showed that the average price paid for a home in England and Wales increased by £4,900 to £370,052, which equates to an increase of 1.3% compared to the average price paid in February.

The increase sets a new record level for England and Wales for the fifth time in 12 months, underlining the recent strength of the market.

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Prices are 8.4%, above March 2021 levels, representing a 2.9% increase over February 2022’s revised annual rate of 5.5% for homes bought with cash or a mortgage.

The average house price in England and Wales has continued to increase throughout Q1 2022 on an almost straight-line basis.

While market commentary had predicted a slowing growth rate, house prices throughout large areas of England and Wales have continued to climb so far this year.

The percentage change in annual house prices on a regional basis in England, and for Wales, averaged over the three-month period of January to March 2022, compared to the same three months the previous year.

Seven regions saw an increase in their annual rates of growth, compared to the previous month, while three areas experienced a fall, all of which were located in the north of England.

Wales was named the area with the highest annual growth rate, a position it has held for eight consecutive months. South East dropped in second place in terms of house price growth while the South West stood in third place with Bournemouth witnessing a 19.4% price growth over the last 12 months.

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During Q1 2022, e.surv’s heat map showed four distinct area in England and Wales in terms of house price growth with Wales having an annual price growth of 8.9% which is 1.2% higher than the next region of the South East.

The South East, which was grouped with the South West and Greater London, saw prices rise between 6.7% and 7.7% per annum, while the Midlands, consisting of the East and West Midlands, saw price increases between 3.7% and 4.3%.

The North of England, consisting of the North East, the North West and Yorkshire and the Humber, saw prices rising by less than 2.5%.

Commenting on the data, e.surv director Richard Sexton says: “The strength of the market is underpinned by the continued limited supply and strong demand for space post the pandemic to meet our new expectations of how and where we live and work.”

Sexton explains: “This has been most visible for many months in the performance of Wales as a region but it is supported by the growth in the commuter belts of the South East which offer space but also proximity and good connections to urban centres for hybrid working.”

“Ultimately low interest rates continue to support buyers’ affordability. The Bank of England has alluded to rates rising slowly in the face of economic headwinds. But inflation has traditionally signalled diminishing returns in other asset groups and often heralds a re-emergence in the popularity of bricks and mortar with investors. We may therefore see even more demand for those desirable properties that are coming to market,” he adds.

By Becky Bellamy

Source: Mortgage Finance Gazette

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Landlord purchases in Q1 2022, highest in six years – Hamptons

Investors purchased 13.9% of homes sold across Great Britain in the first quarter of 2022, up from 12% recorded during the same period of last year.

This was revealed in the latest Hamptons Lettings Index, which also found that this year’s figure marked the highest proportion recorded in the first quarter of any year since 2016, when investors rushed to beat the 3% stamp duty surcharge on second homes.

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Overall, investors bought 42,980 homes across Great Britain during the first three months of this year, equating to £8.5 billion worth of property, which is nearly twice the £4.6 billion recorded during the pre-pandemic first quarter of 2019.

The increase in buy-to-let purchases may help reverse the decline of the private rented sector which shrunk from a peak of 5.3 million homes in 2017 to five million in 2021. However, the increase may not be enough to cover the lack of supply, according to Aneisha Beveridge, head of research at Hamptons.

“While we expect investors to continue purchasing at around the same rate over the course of 2022, it’s unlikely to be enough to make up for the full loss of rental homes during the last five years,” Beveridge said.

A lack of stock has also meant that investors are increasingly having to pay over the asking price. According to Hamptons, for the first time since it began recording data, the average investor is paying over 100% of the asking price for a buy-to-let in England and Wales.

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Meanwhile, the average cost of a new let in Great Britain rose to £1,115 pcm last month, up 9.1% from its 2021 low of £1,022 pcm in March last year.

“A lack of rental homes is one of the reasons why rents have been rising at such pace over the last year. March set a new record for rental growth as rents bounced back from 2021 lockdown lows last March,” Beveridge said.

“But as these new buy-to-let purchases begin to feed into the lettings market over the coming months, we expect to see rental growth cool, particularly as the cost-of-living crisis weighs on affordability too,” she added.

By Rommel Lontayao

Source: Mortgage Introducer

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