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
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