UK house prices rose again in August, with values now 13% higher than before the pandemic
Annual house price growth sped-up to 11% with the average home now costing £248,857 according to the Nationwide building society. Last month saw the second largest month-on-month rise in 15 years. This comes as slightly unexpected news given that the benefit from the stamp duty holiday was reduced.
At the end of June, stamp duty holidays became less generous in parts of the UK. Many thousands of deals were rushed through to beat the deadline. The Nationwide's chief economist, Robert Gardner, said there was strong demand from those buying a property priced between £125,000 and £250,000, as there were still some stamp duty savings in parts of the UK.
With house prices still rising, and with the stamp duty holiday reduced, it is a clear sign that it wasn’t solely the stamp duty holiday that was the driving factor behind the recent property boom. Other factors such as low interest rates and the ‘Lockdown Effect’ – the need for home office space and more garden space – have had a huge effect on the property market and will continue to do so over the next year.
And with a continued shortage of homes in most areas, combined with sustained demand by buyers, expect the annual price to grow again towards the end of the year. In fact, Rightmove reports that homes are selling faster than ever when they come to the market, which is leading to a strong incentive for owners to sell before they buy so they are in the best position possible when the right property comes along.
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