The average price of a property in the UK is £248,857
UK house prices rose by around £5,000 last month as the property market continued to rise as the government’s stamp duty holiday ended across the UK and Northern Ireland.
The average property price rose by £4,628 to £248,857, according to Nationwide Building Society.
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This represents a 2.1% month-over-month increase.
Year-on-year real estate inflation rose 11% in August, up 0.5% from the previous month. The move comes despite hopes that the stamp duty payment threshold would be halved to £250,000 in July, which would slow house price rises.
Record low interest rates, increased demand for space during lockdown and government support have seen the average price of a house in the UK rise by 13% compared to 18 months ago.
“August’s rebound is surprising as the UK stamp duty relief reduction at the end of June was likely to take some of the heat out of the market,” said Robert Gardner, chief economist at Nationwide.
Sam Mitchell, CEO of online real estate agency Strike, said: “Summer house prices typically fall as people’s attention shifts to summer activities, but August defied all expectations, with house prices falling. The annual growth rate rose to 11%,” he added.
“The stamp duty holiday is now starting to wind down and many are wondering whether this demand will be sustainable.However, even though the stamp duty holiday is over, there is still a significant supply and demand imbalance in the UK. There is a problem and we must not forget that there are still incentives available, such as stamp duty savings still available for homes under £250,000, adding to this imbalance. There is.
“Other incentives on offer are no doubt contributing to this as well, with increased mortgage availability of 95% and lower interest rates being just some of the things available to buyers. may have plans to keep the market moving, but only time will tell.”
