UK house prices set records

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UK house prices set records

Halifax have released a survey that has revealed that there has been a 1.6% rise in house prices in July. The surprise mini boom has pushed the average property value up an average of £3,770. This is the first increase that has been reported by Halifax in over 5 months.

Russell Galley, the managing director at Halifax, stated: “The latest data adds to the emerging view that the market is experiencing a surprising spike post-lockdown.” “Supported by the government’s initiative of a significant cut in stamp duty, and evidence from households and agents suggesting that confidence is currently growing, the immediate future for the housing market looks brighter than many might have expected three months ago.”

Rightmove

Rightmove has said there has been an ‘unexpected mini-boom’ in demand following the reopening of the housing markets. This has been seen across the UK which has lifted prices to a new record high. They say buyer enquiries are also up an ‘incredible’ 75% in comparison with last year.

The housing market has been busy since it reopened after the coronavirus lockdown. The government’s announcement of a temporary stamp duty holiday has also added fuel to the demand.

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Beware of cut-price fee quotes.

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UK house prices set records