We spoke to gas explorer and developer Sound Energy. Here are the latest updates from Executive Chairman Graham Lyon. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

UK house sales up sharply in March as stamp duty holiday extended

Thu, 8th Apr 2021 05:32

(Alliance News) - UK house sales picked up sharply in March amid signs that the extension of a stamp duty holiday had an immediate impact on the housing market, according to surveyors.

A net balance of 50% of property professionals reported an increase rather than a decrease in agreed sales, the Royal Institution of Chartered Surveyors said.

It marked the strongest sales surge since last August.

A stamp duty holiday had been due to end on March 31, but this was extended in the recent budget.

The stamp duty "nil rate" band will now not revert to normal levels until the autumn.

The current stamp duty threshold under the holiday is GBP500,000. This will fall to GBP250,000 from July 1, and from October 1 it will fall to GBP125,000, where it usually sits.

The pick-up galvanised expectations that sales activity will increase over the next three months, with a balance of 35% of surveyors predicting an uptick. This was the most upbeat reading on this measure since January 2020.

Rics said that with demand for homes continuing to outstrip supply, house prices increased, with a net balance of 59% of surveyors seeing an increase since February's survey was published.

House prices were reported to be on the up across all of the UK's nations and regions, with the strongest momentum seen in the north west of England, Yorkshire and the Humber and Northern Ireland.

An overall balance of 60% of surveyors expect prices to be higher rather than lower in 12 months' time.

There were indications that the supply of properties coming on the market could increase in the coming months, with a net balance of 29% of surveyors reporting an increase rather than a decrease in appraisals.

Looking at the rental market, tenant demand increased while new instructions from landlords decreased.

Professionals generally felt this would place an upward pressure on rents.

London was the only part of the UK where rents were expected to remain the same or fall.

Simon Rubinsohn, Rics chief economist, said: "The results from the latest Rics survey show that the decision of the chancellor to extend the stamp duty break and then taper its expiry has had an immediate impact on the housing market, with all the key activity indicators rebounding in March.

"However, the headline numbers as well as the anecdotal remarks from respondents clearly demonstrate that across much of the market, demand is outstripping supply and that as a result, prices continue to move upwards. More worryingly, this is also being reflected in the price expectations data both at the 12 months horizon and beyond.

"Meanwhile the lettings market is displaying a broadly similar characteristic in terms of the relationship between demand and supply according to the Rics data, with the notable exception of the numbers for London.

"Significantly, despite rents moving higher, contributors continue to point to the less favourable environment for investors in the market as playing a key role in fuelling this imbalance."

source: PA

Copyright 2021 Alliance News Limited. All Rights Reserved.

More News

British fintech Revolut on path to $10 bln valuation with new funding - Sky News

April 17 (Reuters) - Digital banking app Revolut is on track for a new fundraising that will value the company at more than $10 billion, Sky News reported on Saturday.The London-based financial technology startup is lining up FT Partners, a U.S.-b...

Today 13:15

UPDATE 1-Soccer-MLS says Inter Miami violated budget rules to sign Matuidi

(Adds details, Inter Miami statement)April 17 (Reuters) - Major League Soccer (MLS) has said that Inter Miami's signing of French World Cup-winning midfielder Blaise Matuidi last year was not in compliance with their roster and budget rules and that ...

Today 11:34

Soccer-MLS says Inter Miami violated budget rules to sign Matuidi

April 17 (Reuters) - Major League Soccer (MLS) has said that Inter Miami's signing of French World Cup-winning midfielder Blaise Matuidi last year was not in compliance with their roster and budget rules and that the club could face sanctions.The sid...

Today 10:43

UPDATE 1-Queen Elizabeth to bid farewell to Prince Philip

* Funeral for Prince Philip begins at 1400 GMT* Prince Harry to appear in public* Royal procession behind Philip's coffin (Recasts headline, adds context)By Andrew MacAskill and Guy FaulconbridgeWINDSOR, England, April 17 (Reuters) - Queen Elizabeth...

Today 10:29

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.