Wednesday, September 22, 2021
Real EstateUK

House prices soared during pandemic

House prices

The top area was West Berkshire, where the average home price was £372,922 in June this year

House prices in Berkshire have surged during the pandemic, with prices in some areas £30,000 higher than they were a year ago.

This is in line with the national trend, which has seen prices surge due to the pandemic and stamp duty cuts.

The top area was West Berkshire, where the average home price was £372,922 in June this year.

That is a 9.8 per cent rise than the £339,701 seen in June last year, according to new figures from the Office for National Statistics (ONS).

In Reading, prices rose by 4.5 per cent from £283,625, meaning homes are worth £12,636 more than last year. The lease rise was in Bracknell Forest, where prices rose by 2.3 per cent from £338,644 to £346,438.

Nationally, average house prices rose by 13.2 per cent over the course of the year to June 2021. This is the highest rise the UK has seen since November 2004.

It means the average national price is a record £266,000, up by £31,000 compared to this time last year.

Stamp duty cuts were put in place during the first lockdown in 2020, and the ONS suggests the changes may have allowed sellers to request higher prices as the buyers’ overall costs are reduced.

The tax holiday is set to end in England on September 30.

The figures also show that demand for detached homes rose nationally by 15.6 per cent, with a 13.5 per cent rise for semi-detached homes, and a 14 per cent rise for terraces. Price of flats only rose by 8.4 per cent over the year.

Analysis by the Bank of England (BoE) shows there was strong demand for housing across the UK.

A shortage of homes for sale has also pushed up prices.

The Royal Institution of Chartered Surveyors (RICS) said June was a strong month for sales, but new buyer demand eased as stamp duty holidays began to end.

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