With just days to go before the UK was expected to leave the EU, we seem no closer to a solution than when Article 50 was triggered almost two years ago. It is little wonder therefore, that uncertainty is expected to continue to impact the housing market.
On average 965 sales per week have been completed using Help to Buy across England and Wales during 2018 (to the end of September), according to data released by the Ministry of Housing, Communities and Local Government and the Welsh Government.
At £572.60, average weekly expenditure (all costs, adjusted for inflation) per household in the UK is at it its highest level since the financial year 2004–2005, according to data published in January 2019 by the Office for National Statistics.
At £632.00 per week, households in owner occupation spend on average £52 more per week than those in the private rented sector at £580.10.
Across the UK, the average weekly amount spent on a mortgage is £159.60, equivalent to 27% of total weekly expenditure. 44% of weekly mortgage costs are attributed to interest payments.
For those in the private rented sector, rental costs account for 26% of weekly expenditure. Across London and Wales, the average spend on rent per week is higher than the average spent on a mortgage. In all but four regions, the differential is less than £20 per week.
The income for HM Treasury from residential stamp duty receipts fell by nearly £1 billion in 2018 compared to 2017. It is estimated £8.454 billion was collected in 2018, a fall of £926 million compared to £9.471 billion in 2017.
20% of the fall is due to the devolution of the tax income to the Welsh Government. On 1st April 2018, Land Transaction Tax (LTT) replaced Stamp Duty Land Tax (SDLT) in Wales. Since April it is estimated the Welsh Revenue Authority has collected £177.9 million, from 48,140 property transactions.
Across England, the revenue from the 3% Higher Rate of Additional Dwellings tax (HRAD) fell by 16.6%, while the number of properties purchased eligible to pay the HRAD fell by 8.7%.
Nearly a quarter of a million (247,400) first-time buyers have benefited from the introduction of stamp duty relief on the 22nd November 2017, the estimated cost to the Treasury £570 million.
A property was sold somewhere across England and Wales every 9 seconds of working hours between January and July of this year.
With 10 regions in the country, assuming an even distribution, this would equate to a property sale in every region within a minute and a half period. However, with regional differences including the number of available properties and volume of housing stock, there are variations.
In the South East and North West, a property was sold during every working minute of the day.
In the North East where fewer properties are sold than in other, more densely populated regions, there was still a sale every 3 minutes.
A current project strongly highlighted by the Heatons Traders Association is to generate a greater awareness of the harm plastic is doing to our world. Headed up by local resident Jodi Flannery of Eco-Me-Consultancy, ‘Kick The Plastic’ is wanting to help reduce the use of plastic within The Heatons. Jodi is hoping to investigate recycling options throughout the area and link up with local community groups and businesses to see how we all can use more sustainable products and non-plastic alternative options. If this is close to your heart, by all means pick up a Julian Wadden bag for life from our local Heaton Moor office.
For further information please visit the #KickThePlastic on Jodies dedicated Instagram page or simply send an e-mail. email@example.com