Monday, April 12, 2021
Real EstateUK

Industry welcomes price rise

residential property

The average price of a residential property in the UK rose by 1.7% in September to sit at £244,513, up 4.7% year-on-year

The industry has welcomed the data from the Office for National Statistics (ONS), which shows that the average price of a residential property in the UK increased by 1.7% in September to reach an average of £244,513, up 4.7% year-on-year.

Average house prices increased over the year in England to £262,000, which is up 4.9% on last year thanks in part to the current stamp duty holiday.

Wales saw average prices increase 3.8% to £171,000, in Scotland they now stand at £162,000, up 4.3% compared with last year, while in Northern Ireland the average price of a home is £143,000, up 2.4% year-on-year.

Nick Leeming, chairman of Jackson-Stops, commented: House price growth this month is almost double what it was in September last year, as we start to see the true impact of the stamp duty holiday take hold.

Despite the incentive being introduced in July, housing transactions take weeks to progress from offer to completion, therefore this is the first month we can begin to assess the benefits of Sunak’s stimulus. The annual uplift in house prices of nearly 5% suggests that sellers may well be adding the savings buyers are making into the price of their homes, so that they also benefit from the incentive, he said.

While all regions of the UK reported price growth in September, the South West and the North West led the charge – each experiencing price growth of more than 6%.

Director of Benham and Reeves, Marc von Grundherr, commented: The property market continues to fire on all cylinders with positive movement across the board in all but one region on a monthly basis and a clean sweep where annual price appreciation is concerned. While the current stamp duty holiday has caused huge backlogs of sales waiting to complete, there’s no doubt that it has contributed a considerable level of fuel to the furnace.

He said, despite these backlogs, the fires of market activity should continue to burn bright and this will help carry the market through the traditionally quieter winter period.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

two × 1 =