House prices rose 1.1% in March
House prices rose at the fastest pace in six months in March following the Prime Minister’s decision to extend the stamp duty holiday, according to the Halifax House Price Index.
Real estate values rose 1.1% last month, the biggest increase in six months and an increase from February, when there was zero growth.
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The average price of a house in the UK is now £254,606, an all-time high.
The findings show that the UK housing market is gaining momentum again after experiencing a slight slowdown in the run-up to the first stamp duty holiday deadline in March.
Just over a month ago, Chancellor Rishi Sunak promised to “support homebuyers” and extended the stamp duty holiday until June. The budget also includes a guarantee that the government will guarantee mortgages up to 95% of the home’s value.
“Continued government support measures are key to boosting confidence in the housing market,” Halifax managing director Russell Galley said. An extension to the stamp duty holiday means spring is back for people moving, while for those saving hard to buy their first home, a new mortgage guarantee scheme will help get them on the property ladder. provides an alternative route. ”
The Royal Institute of Chartered Surveyors (RICS) said the strongest areas were recorded in the north-west, the Humber in Yorkshire and Northern Ireland.
Former RICS chairman Jeremy Leaf said: “The post-lockdown stamp duty extension has increased the number of buyer inquiries, sales agreements and transactions, and transport backlogs have prompted a pause in the market.” A faster rollout of vaccines has also helped prompt more valuations and directives, but not fast enough to prevent further upward pressure on prices in the traditionally busy spring market. ”
