The average price of a house in the UK is now over £338,000
The average price of a house on the market in the UK rose 0.7% month-on-month from mid-June to early July.
It was the biggest rise in UK house prices for this period since 2007, despite the reduction in the stamp duty holiday, according to Rightmove data.
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The average price of a house in the UK is now more than £338,000, an increase of more than £21,000 in the past six months.
The price hike was caused by various factors. Firstly, people are spending more and more time at home and are looking for larger properties with outdoor space. The supply of real estate has narrowed following a prolonged hot run, partly due to the government’s stamp duty holiday.
The housing boom has supported the UK economy during the downturn, but it has also exacerbated wealth inequality between homeowners and non-homeowners.
Homes with four or more bedrooms saw the greatest imbalance between supply and demand, while homes with two or fewer bedrooms saw no change in the number of new sellers.
John Eastgate, managing director of real estate finance at Shawbrook Bank, commented: Extreme demand, extreme stimulus, and supply shortages are creating a unique scenario. ”
“However, if we look at the long term, history tells us that there are long-term patterns of strength and resilience in the housing market, although the end of lockdown and the stamp duty holiday will naturally lead to a slowdown in activity levels. , supply-demand imbalances and continued buyer migration efforts will help overcome the significant drop in activity.”
