Average UK House Prices Rises Across All Property Types and Regions
New data has been released showing all UK house prices in all types across all regions have risen for the first time since March 2007 – before the financial crash.
The average UK house price is up by 1.8%, which is the highest for this time of year since 2015. On average, £6,000 has been added to homes across the country.
This news shows the enormous resilience in the property market despite the end of the stamp duty holiday in September. The stamp duty holiday came into force last year to boost the property market during the pandemic and urge buyers to save money and move.
Experts have said that mortgage interest rates may potentially rise. This, as well as 2021’s ‘year of the power buyer’, is why they believe we are seeing a strong market performance.
Rightmove’s Tim Bannister said: “Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up.
Consequently, record new UK house prices have been set across the board, with every region of Great Britain and all of the three market sectors of the first-time buyer, second-stepper and top of the ladder hitting all-time highs. This ‘full house’ is an extremely rare event, happening for the first time since March 2007.
The stock shortages started after the first lockdown, and they look set to continue with the underlying housing market fundamentals remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.
Mortgage interest rates are lower than they have ever been before and lenders are keen to lend in a competitive market, with employment and wage growth also robust.”
West Midlands has seen a 0.9% monthly change increase and 7.5% year on year. Similarly, East Midlands has seen a 1.0% monthly change and an 8.6% year on year. London has achieved 1.9% monthly change and 2.6% year on year.
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