House prices continue to rocket, with the Nationwide House Price Index1 revealing annual house price growth of 13.4% in June, the highest level since November 2004. 

The extended Stamp Duty holiday, in addition to the new mortgage guarantee scheme and changing property priorities (for example a desire for gardens and home offices), are all factors behind this rocketing demand.

Zoopla2 predict that 1.5 million homes will change hands this year, which equates to £461bn of sales. This would make sales 45% higher than last year and 68% higher than 2019! It would also make 2021 the busiest year for property since 2007 – and one of the top 10 busiest years since 1959.

As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.

Sources: 1nationwidehousepriceindex.co.uk ; 2zoopla.co.uk

Catch up on our other blog posts:

Stamp Duty – Just a Reminder!

Stamp Duty – Just a Reminder!

The temporary raising of the nil-rate Stamp Duty band threshold to £500,000 ended on 30 June. The measure was introduced in July 2020 to maintain confidence in the housing market during the pandemic. Don’t despair if you missed the deadline, as there's now a tapered...

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