In June, 40% of properties sold for more than the original asking price, the highest figure on record for the third consecutive month, according to the latest research from NAEA. This is a jump from May when 33% of properties sold for more than the original asking price, beating last month’s previous all-time record.
Ministers have sought to ease the difficulties of thousands of owners of flats trapped in properties they cannot sell or remortgage by changing advice on fire safety paperwork on lower-rise blocks, a requirement introduced after the Grenfell tower blaze.
The number of UK residential transactions totalled 213,120 in June, 216.1% higher than June 2020 and 108.5% higher than May 2021, according to the latest statistics from HMRC. The figure is the highest monthly UK total since the introduction of HMRC's statistics in April 2005. On a seasonally adjusted basis, transactions totalled 198,240, 219.1% higher than June 2020 and 74.1% higher than May 2021.
Some of Britain's biggest high street banks are refusing to give mortgages to self-employed people who received government grants during the pandemic. People working in sectors like entertainment, hospitality and travel are the worst affected. Many lenders have taken the decision to decline applications on the basis that people have taken financial assistance as banks often see people who have received Covid-related grants as high risk.
Inflation rose by 2.5% in the 12 months to June 2021, up from 2.1% in May, according to the latest figures from the ONS. On a monthly basis, rose by 0.5% in June, compared with a rise of 0.1% in June 2020. CPIH The Consumer Prices Index including owner occupiers’ housing costs, costs, rose by 2.4% in the 12 months to June, up from 2.1% in May, rising by 0.4% on a monthly basis.