Thursday, August 11, 2022
Real EstateUK

UK house prices dip for first time this year


The average UK house price eased 0.5% in June, the first monthly decline since January, according to data from Halifax

UK house prices have dipped for the first time this year, data from Halifax showed on Wednesday, as the stamp duty holiday started to wind down.

The average UK house price eased 0.5% in June, the first monthly decline since January, according to the latest Halifax House Price Index. On an annual basis, house price inflation was ahead 8.8%, although that was down on May’s 14-year high of 9.6%.

The average UK property price is now £260,358.

With the stamp duty holiday now being phased out, it was predicted the market might start to lose some steam entering the latter half of the year, and it’s unlikely that those with mortgages approved in the early months of summer expected to benefit from the maximum tax break, given the time needed to complete transactions, says Halifax MD Russell Galley.

That said, with the tapered approach, those purchasing at the current average price of £260,358 would still only pay about £500 in stamp duty at today’s rates, increasing to around £3,000 when things return to normal from the start of October, he said.

Lucy Pendleton of estate agency James Pendleton agrees, saying: Property supply is still failing to keep up with demand, with some buyers holding off marketing their property because they cannot see anywhere to move to, creating a vicious cycle of low supply and consequently causing intense up-bidding on the most desirable properties.

She said nothing seems to sate buyer demand for larger homes, and even now the Chancellor’s biggest stamp duty discount has been and gone, there is no sign that the withdrawal of those savings has dampened appetites in the frenzied race for property.


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