Official figures reveal annual 10.8% house price increase
This week saw the Office for National Statistics publish their latest house price index, revealing that the average property value across the UK increased by 10.8% over the year to December 2021, reaching £275,000.
Wales led the way, with 13.0% growth, followed by Scotland (11.2%), with Northern Ireland and England both experiencing increases of 10.7%.
London saw the lowest house price growth in the year, at 5.5%.
Labour rate increases ease in January
Sharp rises in labour rates showed signs of easing in January, as average earnings for self-employed trades fell 10% in the month.
Analysis by payroll specialist Hudson Contract showed the East Midlands, London and the South East retained strong levels of pay, but the North and West Midlands saw a slight easing in rates.
Ian Anfield, Managing Director, said that strong demand for skilled tradespeople had continued into the new year, but there were signs that some housebuilders were adopting a more cautious outlook.
Gove promises tougher measures over cladding crisis
Levelling Up Secretary Michael Gove took a tough stance on housebuilders and manufacturers over the cladding crisis this week, stating that the Government intends to bring in laws to ‘block’ businesses who do not help to fix the nation’s cladding issue.
Gove revealed that he plans to make amendments to the Building Safety Bill so that developers deemed unhelpful would be unable to secure planning permission and building control approval on schemes.
In January, Gove gave developers a deadline of March for plans to fix the cladding crisis, telling manufacturers that they must help pay for the remediation.