Residential property transactions totalled 97,970 in April, 13.9% lower than April 2021 and 10.5% lower than March 2022, according to the latest figures from HMRC. On a seasonally adjusted basis transactions totalled 106,780 - 12.1% lower than April 2021 and 3.9% lower than March 2022.
CPI inflation rose by 9.0% in the 12 months to April, up from 7.0% in March, according to the latest ONS data. On a monthly basis, CPI rose by 2.5% in April 2022, compared with a rise of 0.6% in April 2021. April's increase is the biggest monthly jump on record and inflation is now at a 40-year high. CPIH inflation, which includes owner occupiers' housing costs, rose by 7.8% in the 12 months to April 2022, up from 6.2% in March.
Monthly prices have risen by an average of 1.6% (+£5,537) and over the last three months by £19,082. This figure is the largest three-month price increase that Rightmove has ever recorded, with high buyer demand enabling sellers to ask and achieve ever higher prices.
When taking a Help to Buy mortgage, most clients are only focused on getting the keys to their new home. However, five years can go by quickly, and after this period, customers become eligible to pay interest payments on their Help to Buy Equity Loan.
Ground rent charges will be banned on most new residential leases in England and Wales from 30th June, the government has confirmed. Sometimes worth hundreds of pounds a year, the government says these charges "provide no clear service in return and can be set to escalate regularly, with a significant financial burden for leaseholders". From 30th June 2022, landlords will be banned from charging ground rent to future leaseholders.