House movers join space race

PRICE GAINS DRIVEN BY COVID TRENDS

Fitness chain Puregym has revealed “awful” losses for 2020 after sites were forced to close in the pandemic. The group plunged £214.6million into the red, from a loss of £39.5m in 2019. Boss Humphrey Cobbold admitted the performance was “frankly awful”. However, he said tens of thousands of new members have joined since reopening its 240 gyms across England earlier this month.

HOUSE prices have roared ahead at their fastest rate since 2014 – rising by £54 a day in the last year.

The average home surged

8.6% in value in the year to

February, the Office for National Statistics said.

The gains were partly driven by people moving due to reasons caused by the Covid-19 pandemic.

Estate agents have reported that families are looking for more space amid a shift to home working, while others are relocating for lifestyle reasons.

The housing market was also given an added boost by the extension of the Government’s stamp duty holiday.

The average UK house price stood at £250,341 in February, £19,732 more than a year ago. Prices in England rose on average by 8.7% to £268,000, while Wales saw a 8.4% gain to £180,000, Scotland was up 8% at £162,000 and Northern Ireland rose 5.3% to £148,000. England’s North West had the highest annual growth at 11.9%, while London saw the lowest gain at 4.6%.

HM Revenue and Customs said the number of house sales in March was double the number of a year ago. Nitesh Patel, strategic economist at the Yorkshire Building Society, said: “Available properties appear to be getting snapped up quickly, adding upward pressure on prices. Buying behaviour continues to be dominated by the pursuit for space.”

The ONS also said inflation hit 0.7% in the 12 months to March, up from 0.4% in February, as fuel and clothes prices rose.

BOOMING Sales have doubled