House prices have continued to soar across the UK with the average property price now sitting at £261,743. The month of May saw a huge increase of 1.3%, with an overall rise of 9.5% when compared to the same month in 2020.
These figures average at a year-on-year price increase of £22,000 and £3,000 for the month of May alone. The housing market is now at its strongest position since August 2014 and shows no sign of slowing down as we head into summer.
Home buyers have cashed in on the stamp duty holiday which has led to savings of thousands of pounds. What was initially designed to keep the housing market afloat amidst the coronavirus pandemic, has instead taken the housing market from strength to strength.
Experts believe the more time we spent at home during the lockdowns has also led to buyers evaluating their housing choices, with rural areas, houses and properties with green space and gardens being at the top of the agenda for prospective purchasers.
While prices in London did rise too, it is far behind the majority of the country at only 3.3%. Whilst this undoubtedly could be due to the high prices already set in the capital, it is likely that the search for space and the move away from city centre working has contributed to this.
As the stamp duty holiday comes to a close and people adjust to post pandemic living, time will tell whether prices continue to rise.
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