We like to keep our clients and contacts up to date with property sector updates. Here are a few key headlines that we have found recently which we think will be of interest to you.
Annual UK house price inflation
Average house price rose by +1.2% in the three months to the end of August, taking the annual rate of price growth to +6.1%, up from 2.8% in August 2020.
The average value of a home across the UK is now £235,000.
Impact of stamp duty ending
looking at late June/July for the potential impact of the withdrawal of the ‘tapered’ stamp duty holiday at the end of September – there is little evidence of a change to buyer behaviour.
Buyers agreeing on a sale from July onwards are unlikely to benefit from the savings of up to £2,500 available for completions made by September 30th due to the time taken to complete a sale. Yet the data shows the looming deadline had little impact on demand around this time. Buyer demand is still some 35% higher than average levels recorded since 2017.
Movement of markets
Since May this year, the average time taken for a sale to be agreed on a property from when it was listed has been below 30 days.
This measure of the speed of the market may start to edge up in the coming months as a lack of stock starts to have more of a ‘self- limiting’ impact on the market. Even so, it’s likely that properties will sell more quickly than historical norms through Q4.
House price index
The table below shows a summary of some key areas of interest to our clients.
Table: UK House Price Index, city summary August 2021
Source: Zoopla House Price Index. Sparklines show the last 12 months trend in annual and monthly growth rates – red bars are a negative value – each series has its own axis settings providing a more granular view on price development.
We hope you found this summary useful; it gives an overview as we enter Q3. We work with property investors and landlords based across the UK. We help them to manage their finances and ensure they are compliant with their tax obligations. If you would like any advice, please do contact us by calling 01623 490 120 or email