Recent data shows that the average UK moving price reached a record in April, and it shows no stopping.
The managing director of Halifax, Russell Galley, said that now the average property is worth £258,204, which is a rise of 1.4% month on month and it’s the highest annual growth rate in the last five years. For comparison, the average property worth in 2020 was £245,443. The prices in greater London went up by 0.3% compared to March of this year, and 2.1% higher than a year earlier. He also added that house prices were 0.9% higher in the latest quarter and that £20,000 has been added to the average home’s value since last year.
Measures in the March Budget have helped the sector get on the property ladder and go from an extension of the stamp duty holiday deadline to a mortgage guarantee scheme to help people with a 5% deposit. Additionally, multiple real estate agents reported that during Covid-19 lockdowns, many people have been reassessing housing requirements.
Finally, the chief executive of mortgage broker SPF Private Clients, Mark Harris, stated that long interest rates would continue long after the concession is gone and that the lack of stock is pushing up prices, making it hard for first-time buyers.