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.  

Catch up on our other blog posts:

MORTGAGE LENDING CONTINUES TO SOAR

MORTGAGE LENDING CONTINUES TO SOAR

Mortgage lending has soared to record levels, according to latest data from the Bank of England1, which reveals that gross advances in Q1 totalled £83.3bn, which represents a 26.5% increase on the same quarter in 2020 and the highest level since Q4 2007. Impact of the...

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South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.