Halifax announced this week that property prices in the UK increased by around 0.7% in August 2021. This brings the average price of a UK property to a record breaking £262,954. This is an annual increase of 7.1%, which is around £26,700 more expensive than August 2020 and a +1.2% quarterly change. If you are curious to see what your property is worth on the current market, call us today on 03309 125285.
Halifax also noted that the amount of property transactions in July 2021 were 62.8% lower than June at 73,740 compared to 198,420 according to HMRC. Between the months of May 2021 and July 2021 there was a decrease of 14% on transactions compared to the previous three months of February 2021 to April 2021. However, compared to the July 2020, property sales had increased by 4.2%.
Reallymoving have recently noted that the ease of the stamp duty holiday has played a part in offers being accepted on properties as these were marginally lower than recent months. This therefore they predict a decrease when the Land Registry data is released. Yet it seems this didn’t last long as there was an increase of around 1.7% in house prices when they will complete in October. This shows that the demand for space and change of requirements that Covid-19 has highlighted for homeowners is overpowering the effect of the stamp duty savings.