The Cost of Living in Los Angeles in 2022

Table Of Content

• UPDATE 2 September 2021: Nationwide cuts mortgage rates to ‘lowest-ever’ 0.87%
• Additional House Sitter Services
• Find a House Sitter near Los Angeles, CA
• August: Halifax Logs 2.4% Fall But Cites Market Resilience
• Dec: Bank Of England Mulls Removing Mortgage Affordability Test
• October: Rightmove Sees Rents Reach Record High

If you held a lower one, the difference was seldom big enough to discourage people from changing homes. These locked-in households haven’t relocated for better jobs or higher pay, and haven’t been able to downsize or acquire more space. Halifax said the strongest regional growth over the past 12 months was recorded in Wales (12%), Northern Ireland (11.5%) and the north-west of England (11.5%). Figures from UK Property Transaction Statistics estimated that 114,940 transactions on residential properties worth £40,000 had taken place in May 2021.

UPDATE 2 September 2021: Nationwide cuts mortgage rates to ‘lowest-ever’ 0.87%

Average UK house prices stood at £294,000 in December 2022, according to the latest figures from the Office of National Statistics (ONS) – £26,000 higher than the same month a year earlier, writes Andrew Michael. Demand is also stronger than many expected after a year of interest rate hikes, soaring living costs and economic turbulence. The number of potential buyers making enquiries with Rightmove agents in the last two weeks is up by 11% compared with the same period in the relatively ‘normal’ pre-Covid market of 2019. The average detached property is worth £100,000 more (at £453,070) compared to the start of the pandemic, a 25.9% increase. Last month’s year-on-year price increase is down from the 6.5% annual growth reported in December 2022, and the 8.6% year-on-year growth seen in January 2022.

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Halifax, the UK’s biggest mortgage lender, saw a 1.3% month-on-month increase in average property in January, the fourth consecutive rise. This is because buyers now have more time to consider which property is right for them, says Rightmove, which makes it important for sellers to price realistically and stand out from the competition. Both the number of homes listed for sale on the property portal and the number of buyer enquiries have risen by 7% over the same period compared to last year. The latest report signals what could be a healthy start to the ‘early bird’ market of 2024 – one in which buyers feel the ‘conditions are right’ for moving, said Rightmove, which lists around 95% of all UK homes for sale.

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It used data from Zoopla and the Times Higher Education guide to calculate the property prices and rental yields in the top 30 universities across the UK. Many would-be buy-to-let landlords, especially those entering the market for the first time, will need to take out a special mortgage to fund the purchase. Approvals for house purchases fell to 67,200 in October, from 71,900 in September. This is the lowest since June 2020, and is close to the 12-month average up to February 2020, before the onset of coronavirus lockdowns. Rightmove’s forecast ties in with that from trade association UK Finance, also published today. At the same time, affordability checks were also introduced designed to stop customers from building up excessive debt.

Ms Kinnaird pointed to industry data that shows mortgage approvals and demand for borrowing declining. She says the rising cost of living coupled with stretched mortgage affordability is expected to continue to weigh on activity levels. Figures out today from Halifax, the UK’s biggest mortgage lender, show a steep reduction in the annual rate of house price inflation in the 12 months to October, from 9.8% to 8.3%, writes Kevin Pratt. However, London also saw a decline in house price inflation which slowed from 6.6% to 5.2% in November. Annual house price inflation fell from 8.2% to 4.7% in the 12 months to November, according to the latest figures from Halifax, writes Bethany Garner. With a figure of -0.7%, Aberdeen was the only one of 20 cities monitored by Zoopla to record a fall in house price growth over the period.

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August: Halifax Logs 2.4% Fall But Cites Market Resilience

On a regional level, the South West recorded the highest annual house price growth, with property values increasing by 16.9% in the year to May – an even higher rise than the 14.7% recorded in the year to April. There are further signs of a bounce back in London, with the rate of annual house price inflation rising to 8.8% in August, marking its highest level in more than six years. A typical property in the capital now costs £554,718 having risen by £44,669 over the last 12 months.

Despite a cooling market – with buyer demand down 7% compared to June 2021 – the relentless price increases are largely being underpinned by record low volumes of homes for sale. Halifax also reported an easing in the annual rate of house price growth to 11.8%, down from 12.5% last month. Rightmove also reported an easing in the annual rate of house price growth to 8.2% in August, down from 9.3% the previous month. Average UK house prices fell in August 2022, their first drop this year, according to the latest market data from Rightmove. Zoopla said that demand for homes in London continues to lag the rest of the UK due to pandemic and affordability-related factors. The capital registered annual price inflation of 4.1% to July, less than half the UK average.

The downward trend is a reversal of the steep price inflation these regions witnessed during the pandemic, which saw a surge towards more spacious and rural areas. Wales and the South West of England saw the sharpest reduction in annual price growth. In Wales, growth dropped from 11.5% in October to 7.9% in November, while in the South West it fell from 10.7% to 8.4%.

March: Zoopla Reports Record Average Property Price

“First-time buyers and those looking to remortgage are likely to find that this, and previous, interest rate rises have already been factored into the cost of new mortgages. Amanda Aumonier, head of mortgage operations at online mortgage broker Trussle, said that we are beginning to see “key indicators that a shrink in house prices is on the horizon”. This is according to the latest house price report from the Office for National Statistics (ONS) which is based on completed sales data, rather than mortgage approvals or asking prices. The average price of a UK home hit a record level for the fourth month in a row in May 2022, according to data from property portal Rightmove. He added that measures of consumer confidence have already fallen towards ‘record lows’, while interest rates are widely expected to rise further, feeding through to the cost of mortgages. Bank rate is currently at 1%, having risen from 0.1% since the end of last year, with the next decision scheduled for 16 June.

Average UK house prices stood at £290,000 in January 2023 – a figure that’s £17,000 higher compared to January last year. However, it puts the annual rate of inflation at 6.3%, which is notably lower than the 9.3% posted by the ONS in December, and the 10.2% it posted in November. Most resilient was the West Midlands, where prices were up 1.4% year-on-year to March this year. The weakest performer was East Anglia where house prices fell by 1.8% over the past 12 months. Nationwide said all of the UK’s regions experienced slowing house price growth in the first quarter of this year, with most seeing small year-on-year falls.

The average house price slipped to £260,358 last month, according to the latest data from the Halifax House Price Index. The figure was down 0.5% from the 14-year high of £261,642 recorded in May this year. Homes featuring plenty of space, both inside and out, have been high on buyers’ wish lists over the past year. Savills said it also expects average house prices to rise by a further 3.5% next year and by a total of 21.5% in the five years to the end of 2025. Nationwide said stamp duty changes drove the number of housing market transactions to a record high of almost 200,000 in June as homebuyers rushed to meet the deadline. This was around twice the number of transactions recorded in a typical month before the pandemic and 8% above the previous peak seen in March 2021.

Cost of living pressure and higher mortgage rates appear to be holding back would-be first-time buyers in particular, according to Nationwide. It found that around half (49%) of prospective first-time buyers have delayed their plans over the past year, with the majority citing high house prices as the biggest barrier to getting on the ladder. However, it’s important to note that house sitting rates can vary significantly based on several variables. Zoopla reported a 25% fall in the number of homes for sale in the first half of this year compared to the same period in 2020, resulting in what it describes as a “severe shortage” of housing stock. This has helped push up house prices by an average of 5.4% in the year to June 2021, it said. Halifax reported a fall in annual house price growth to 7.6% in the 12 months to July 2021.

This also indicates greater realism on price from sellers to achieve a sale and perhaps points to buyers believing mortgage rates have peaked. Average house prices are down by 3.8% in the Greater London region, where the average property price is now £524,592. The mortgage lender house price indices responded quickly to weaker demand, recording steeper price falls over the final three months of 2022 and the first half of 2023. “Despite the market feeling more buoyant with an increase in stock and enquiries, affordability concerns remain an issue following consecutive rate rises last year and the continued high cost of living. On an annual basis, prices among new sellers are up by 0.1% compared to February 2023.

It added that the trend for increasing space has further to run, notably for three-bedroom houses outside the London area. Demand for this type of property is four times higher than the five-year average. In terms of finding buyers, Rightmove said that Nuneaton in Warwickshire had the quickest turnaround time of 24 days. This was followed by Leigh-on-Sea in Essex and Burton-on-Trent in Staffordshire, with 27 and 29 days respectively. The building society adds that the total number of property transactions in 2021 was the highest since 2007 and around 25% higher than in 2019, before the pandemic struck. According to Trussle, buyers with an appetite for a return to city living want more space than previously, to take into account the potential to work from home.

According to Zoopla’s analysis, rising mortgage rates have suppressed buyer demand, which has fallen 18% in the last two months. Sales volumes for 2023 are expected to be 23% lower than in 2022, suggesting many would-be buyers are delaying their move. While the market will likely remain subdued in the short term, Nationwide expects a combination of income growth and modestly lower house prices to improve affordability over time. Rightmove data shows the number of agreed sales is 15% lower than in 2019,  when market conditions were more ‘normal’ before the Covid pandemic. The number of first-time buyers enquiring about properties for sale is at 1% above 2019 levels. The average asking price of homes new to the market is now £364,895, a fall of £7,012 since last month, and the third consecutive monthly drop in average prices.

This represents an increase of 14.3% compared with this time last year, when the average London rent was £1,919. Hamptons attributes the rise in chain-free buyers to an increase in the proportion of homes bought by first-time buyers and investors. In April this year, the average length of time to sell was 33 days, less than half the 67 days recorded in the same month three years ago. Rightmove says more than half (53%) of properties are selling for over their final, advertised asking price.