Property market: house prices hit record high
Latest figures revealed by Halifax House Price Index show house prices hit a record high jumping 1.1% year on year. Across the UK, property values were 6.5% higher than in March 2020, Halifax said. This means the average price is around £15,000 higher than it was since the start of the lockdown. Russell Galley, managing director of Halifax, said: “Following a relatively subdued start to the year, the housing market enjoyed something of a resurgence during March, with prices up by just over 1% compared to February.”
Stamp duty deadline
The stamp duty holiday, which was introduced back in July last year, comes to an end on September 30, 2021. The extended stamp duty holiday means that no tax will be levied on the first £500,000 of property purchases. Homebuyers whose moves have been slowed down by the latest lockdown could save significant amounts of money. But what does this mean for the property market? It seems sellers who hesitated earlier in the year who concerns about missing the stamp duty deadline are now listing their property.
How will the vaccine affect the property market?
The prospect of summer holidays means a spring surge and as more people get their first or second vaccine shot, they are prompted to act. For these reasons it is expected UK house prices will rise by 5% this year. As we have seen during the pandemic, more people are moving away from the city and out to the countryside. This, in addition to the change to the new normal working landscape, predicts a rise in house buying.
Are you a landlord looking for support? Contact us today for advice and support with your property.