Spring price surge
Rightmove’s April House Price Index indicated a monthly surge in asking prices of 2.1% (£6,733) has rocketed the national average house price to £327,797. This is only the second time in five years that prices have jumped by over 2% in a month and it also comes at a time when the stock of properties available to buy has reached the lowest proportion ever recorded.
Fuelled by a number of factors
Continuing low interest rates, the Stamp Duty extensions in England and Wales, a shortage of available property to buy and the newly introduced government support scheme for 95% mortgages, have all contributed to the fast pace of the market. There is also growing optimism due to the success of the vaccination roll-out, with many people considering a fresh start in different surroundings, perhaps now they have been released from a lengthy daily commute and can consider working from home.
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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...
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