Record house asking prices despite stamp duty blow

Record High House Prices Despite Stamp Duty Changes

Asking prices for properties have surged to unprecedented levels, even after the stamp duty holiday concluded. This robust housing market indicates sustained buyer demand and seller confidence.

The average property price has increased by 1.4 percent, a rise of £5,312, reaching £377,182 this month, according to the latest house price index from the property website Rightmove. This data underscores the resilience of the property market.

The stamp duty tax relief was initially implemented in mid-2020 to bolster the housing market amidst the Covid-19 pandemic. It officially ended on April 1st. The ‘nil rate’ threshold for first-time purchasers was adjusted downwards from £425,000 to £300,000, while for all other home movers, it decreased from £250,000 to £125,000. These changes mark a shift in property tax policy.

However, recent data demonstrates that the termination of the stamp duty holiday has not significantly discouraged the majority of prospective buyers. Although mortgage brokers have noted instances of potential purchasers withdrawing due to concerns about completing transactions before the March deadline, the overall market momentum remains positive.

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Record Property Values: The average asking price has climbed by 1.4%, or £5,312, this month, hitting £377,182, according to Rightmove’s latest house price index.

Colleen Babcock, a spokesperson for Rightmove, commented, ‘We are observing a new price peak after almost a year, even with the number of available homes for sale reaching a decade-high. This increased inventory appears to be attracting more individuals into the market, with rises in both buyer and seller numbers, demonstrating the market’s ongoing strength. The optimism from new sellers is a positive indicator for the overall health of the property sector.’