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. 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.
According to the Office for National Statistics, the average price of a UK property in July 2021 stood at £256,000. This has meant a £10,000 drop compared to June 2021, while it was still 8% higher than the year before, June was 13% higher than the year before. These figures show the rush for buyers to meet the stamp duty holiday before the 1st of July 2021. It must be noted that Halifax and Nationwide who release their data sooner than OFNS are still showing monthly increases in the average UK property price. This still shows a strong sellers-market as the amount of stock available compared to the number of buyers is still widely different. Therefore, with this type of market it is not expected that prices will come down any time soon.
We are aware this will post a lot of questions as a buyer and/or a seller; should I buy now? Should I wait until prices fall? Should I sell now? Should I wait to sell to see if I can get more in six months? All of these questions fundamentally rely on a series of answers but comes down to your current situation. So, the best thing to do is speak to a professional, call us on 01233 501601 and we can advise you further.