House prices rise to record high in mini house-buying boom

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House prices rise to record high in mini house-buying boom Posted On 10 August 2020

Last month, house prices hit a new all-time high as the Stamp Duty Holiday boosted buyers enthusiasm

The average price of a home was £241,604 in July, which was 3.8% higher than July 2019. These figures from Halifax mirror those from the Nationwide Building Society and show demand is up for properties, which has pushed the price higher.

With the nation emerging from lockdown, families are now actively searching for the perfect property with an updated list of requirements including more garden space and home offices. These specific requirements, which are no longer considered by many as nice-to-haves, but must-haves, means properties that match these requirements are selling at a premium.

Combine this with the Stamp Duty Holiday on properties up to £500k announced by Rishi Sunak last month, alongside the pent-up demand that has built during the lockdown, then it is no surprise that the property market is experiencing a mini-boom.

Families who were hesitant to sell are now coming to the market as the savings with the Stamp Duty Holiday are approaching £15k in some instances. And with the boost in people actively looking, the chances of receiving asking price or above have never been higher.

With a wide range of mortgages available, with new products being announced every day, and with growing confidence in the British economy post-lockdown, now really is the time to get your finances in place and get looking, whether you are a first-time buyer or need to sell to move, there has never been a better time.

For more information about the Stamp Duty Holiday and how much you could save, please contact us today.