Over recent times the property market has experienced a boom where the prices of houses have risen by 13% year on year, but there have been many signs that the market may have reached its peak. When the stamp duty prices were decreased prices soared however, now with the tax break the amount of houses selling has fallen quickly. This could result in the growth of housing prices once again.
What Is Happening To The Market
Since last July during the peak of COVID-19, the UK property market has been on the rise and the biggest savings of up to £15,000 ended on 30th June 2021. But buyers in England and Northern Ireland are still eligible for saving £2,500 if they buy a home before the end of September. The Stamp Duty Holiday has been a saving grace for many over the last year making it more affordable for people to be able to buy their first home or just move in general.
How Have Property Prices Changed?
It was reported by the Land Registry that the price of a property in the UK rose by 13.2% year-on-year in June to reach £265,668. This rise has been influenced by buyers all looking to purchase their new homes before the stamp duty deadline. In one of the latest reports carried out it was found that the average asking prices had fallen by 0.3% month-on-month however, it had risen 5.6% year-on-year.
What Is Going To Happen In The Remainder of 2021?
Research has found that the average time it took to agree a sale in July was 36 days, this was the lowest figure recorded since the beginning of the pandemic. It is likely with the surge of demand passing that throughout the remainder of 2021, the time it takes for a sale to be agreed will increase. In January 2020, it was taking about 75 days for a sale to be agreed.