Fastest rising market in 17 years!

Nationwide released their June 2021 House Price Index report which stated that UK property prices increased by 13.4% from June 2020 to June 2021. This has therefore meant the average price of homes increased from £216,403 to £245,432 in the space of just a year. House prices increased by 10.9% over the annum according to Nationwide from their June 2021 report in the South East alone. This means the average price in the area now stands at £313,815.

Following lockdown, homeowners reassessed what they want from a property. People were moving out of inner cities as they were working from home, meaning they needed office space and no need to be in the city as no longer commuting. The need for outdoor space became a high drive for most, which saw properties with little or no outdoor space slightly struggle compared to those out of the city with gardens.

This month saw the last month of the stamp duty holiday in England and Northern Ireland, this now means that from today until the 30^th of September 2021, the threshold for no stamp duty now stands at £250,000 for residential properties and £150,000 for non-residential properties and land. This drive for sellers to make the most of the stamp duty holiday is still strong and buyers are still snatching up properties quickly. This has reflected the superb current market with agents asking for best and final offers early on, which has more than before ended up with offers above the asking price.

At Evolution Properties, we have seen the outcome of this market with an astonishing 31 completions in June alone. This was our best month to date regarding completions of property sales. The amount of numerous valuations that have also been booked in this month supports the idea that homeowners do want to move before the end of the stamp duty holiday. While this has been said, the market is still very much a seller’s market with the number of buyers out there outweighing the amount of properties available.

If you are unsure how much your property is worth on the current market, please call us today on 01233 501601 to speak to one of your local property experts at Evolution Properties.

For more information please head over to: https://www.nationwide.co.uk/about/house-price-index/headlines