Average home price climbs to a record £ 323,530 as sellers take advantage of the high demand during their stamp duty vacation
- Prices rose 1.1 percent and are now £ 16,818 higher than last year
- Experts believe that growth will continue into the new year and could reach a high of 7 percent
- The market experienced a "mini boom" due to the pent-up demand and the abolition of the stamp tax
The average asking price of a home has soared to a record £ 323,530 as sellers benefit from unprecedented demand during their stamp duty vacation.
Prices rose 1.1 percent from September to October and are now £ 16,818, or 5.5 percent, higher than last year.
Experts believe that growth will continue into the new year, when it could peak at 7 percent.
Prices rose 1.1 percent from September to October and are now £ 16,818, or 5.5 percent, higher than last year. London prices rose 2.6% (picture)
The market has seen a “mini boom” due to the combination of pent-up demand, households looking for more space after the lockdown and the abolition of stamp duty on homes up to £ 500,000.
This has resulted in an increase in sales of homes higher in the chain for more than £ 1m, according to analysis.
However, a Bank of England survey last week predicted that borrowers would soon find it harder to get a mortgage as lenders prepare for a winter jobs crisis.
Prices in the East Midlands (picture) rose by 7.7%. The market experienced a "mini boom" due to a combination of pent-up demand and the abolition of stamp duty for homes up to £ 500,000
There were warnings that the recovery was slowing, but the new report from real estate website Rightmove suggests the market will continue to thrive at least until the end of the year.
Tim Bannister of the firm said, "Previous records are falling in this extraordinary market and there are still some legs in the uptrend in property prices."
According to the website's report, the annual growth rate will peak at around 7 percent through December after a record number of sales were agreed in September.
Experts believe that growth will continue into the new year, when it could peak at 7 percent
It is said that it now takes an average of 50 days to sell a home – faster than ever – and brokers with more properties than sold than there was for the first time.
The increased demand and urgency with which homes are being bought was aided by the government's decision to temporarily remove stamp duty on purchases up to £ 500,000 by March 31, 2021.
Rightmove said the pace of growth is now slowing, but sales agreed for October are still 58 percent higher than that time last year.
And separate data from real estate agent Savills with analyst TwentyCi found that an average of £ 868 more than £ 1 million in sales have been agreed per week since early June, 66 percent more than the weekly average of 522 for the same period in 2019.
Martin Robinson of real estate agent Hunters said: & # 39; The market remains strong across all property types.
“We are also seeing changes in consumer habits, with many saying there is no need to be on the doorstep of their workplace and trying to move to a more rural or affordable location if broadband speeds allow, to be remote to work. & # 39;
(tagsToTranslate) Dailymail (t) messages