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:

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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A Record Summer for house prices?

A Record Summer for house prices?

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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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.