Halifax have noted this week that the quarterly increase of property prices was 2.4% bringing the average price of a property in the UK to £261,221. Property prices increased by 7.6% compared to July 2020 with a 0.4% monthly change in June 2021.
Halifax stated in their July House Price Index Report that HMRC noted in June 2021 property transactions were up 74.1% from May 2021 with 198,240. This was the highest ever monthly amount of completions. This data represents the high demand for moving currently as people are not only rushing to meet the stamp duty holiday deadline but also the change of circumstances/needs following Covid-19.
Zoopla indicated that according to HMRC, in the three-month period prior to the end of the full stamp duty holiday, there was a 175% increase in property sale completions. For properties over the £500,000 threshold in these three months the amount of house sales reached 59,600 which was 4.5x higher than the year prior. There is still time to take full advantage of a saving, as until the 30th of September 2021, there will not be a charge on the first £250,000.
If you are wondering what your property is worth on the current market, call or email us today.