Published: 17/05/2021 By Estate Agent Norwich
Halifax notes that the average house prices have climbed by around £ 20,000 in the past year. This is because the stamp duty holiday-induced buying frenzy continues.
House prices have increased by 8.2% in the last 12 months. It is the highest annual growth rate in the last five years.
There is a fear among buyers. They are worried about missing out if they do not hurry and do not make purchases before house prices rise.
According to Halifax, house prices in April rose 1.4% faster than in March. The average price of a house has reached a new high in the UK. The average price is now around £258,204.
Chancellor Rishi Sunak mentioned at the Budget that the stamp duty holiday has been extended until June. The tax on purchase of property has been suspended on the first £ 500,000 of all sales. This has been so since July in England and Northern Ireland. The decision was made to support the housing market.
The managing director of Halifax predicted that the impact of the stamp duty holiday would gradually decrease in the coming months as it is tapered out. Lower stock levels, lower interest rates, and continued demand are likely to drive down house prices in the market.
Kirby Kirsty on the House Prices
Kirby Kirsty, a first-time buyer in South Yorkshire, has been planning to move home since 2018. According to her, it is a challenge to even get a viewing of a property.
Kirsty says the houses she inquires about have multiple viewing bookings within minutes of coming online and estate agents have warned her that the house will go to best and final offers. Whenever a property sells on the best and last basis it goes above the asking price because people go crazy.