The UK property market has continued to see strong house price growth, which is stating strong over the winter months, despite it typically facing a seasonal slowdown.
There has been a significant increase in buying a selling property over recent months, and over the year to September, the average UK house price has increased by 4.7 per cent, which equates to an £11,000 rise, according to the latest UK House Price Index from the Office for National Statistics and Land Registry, reports the Independent.
The data from the house price index describes the strong growth being experienced by the UK housing market, and that house prices and demand will likely remain strong during the winter months.
Certain regions of the UK are seeing particularly strong house price growth. The west of England led the way with the south-west seeing the strongest house price rise at 6.4 per cent. And the North-West followed with a 6 per cent increase.
Over the previous four years, there had been a slowdown in national house price growth, driven by prices in the south of the UK. As of September this year, the average house price in London hit £496,000. This is a record high for the capital.
As there has been the highest number of home movers in over a decade, it shows that people have been very keen to move in the last few months. The work-life balance of many people has been changed by the coronavirus, which for a lot of people could be permanent.
With spending so much time at home, the priorities of many homeowners have changed. People are now looking for a home office, excellent internet connectivity, and access to outdoor spaces. The second national lockdown will only serve to fuel people’s desire to move, which in turn will further boost property market activity over the coming weeks and months.
The stamp duty holiday, which is currently in place until 31st March, is also driving demand from buyers and investors. This tax holiday can save homebuyers up to £15,000.
After the announcement of the stamp duty holiday over the summer, confidence quickly returned to the UK property market. The tax holiday will keep the market moving in the coming weeks. Buyers and investors that are hoping to beat the deadline are advised to act quickly.
However, it is this deadline that has reported caused London homeowners to reduce the asking price for their properties by 0.6 per cent, according to Home & Property.
With the average London property being just under the stamp duty threshold, and a race against time to complete sales, homeowners are keen to ensure they can take advantage of the stamp duty holiday.
The uncertainty of Brexit is also a driving force for many, all too aware of the interim nature of the property market. Sales are up by 57 per cent in the capital, and the process is faster than it was in October 2019, with the average number of days from offer-to-completion having dropped from 69 days to 49 days.
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