House asking prices hit record levels across Great Britain

As the Summer sets in, we firmly remain in a very strong property market for both sales and lettings, as buyers and tenants bid to secure their dream home. House asking prices have hit record levels across every region of Great Britain, according to latest figures.

The rise in demand from buyers and tenants has not been met by new properties coming on to the market, and this imbalance is keeping the sales agreed and letting revenues high.  The Land Registry says the average price of a property in the UK rose by 10.2% (£15,916) from March 2020 – March 2021.

Economists and housing insiders have been surprised by the UK house price boom during the Covid pandemic. Andy Haldane, the Bank of England’s chief economist, said this month that Britain’s housing market was “on fire” because of the government’s stamp duty tax breaks. The threshold at which stamp duty begins in England and Northern Ireland will be reduced from £500,000 to £250,000 on 1 July. Then in September it will fall again to the pre-pandemic level of £125,000.

Many buyers and renters are engaged in a race for space, according to Nationwide. They want bigger homes with room to live and work, as well as a garden, and easy-to-reach coast or countryside. Family homes are more popular, partly because people have reassessed their priorities during Covid lockdowns.

However, prices of apartments are still rising – albeit at a slower rate than houses – and there are some signs of buyers taking the chance to make a move into lively cities as Covid restrictions ease.

Locally, we are regularly achieving above asking price and selling and renting properties super quick. If you’re considering a move, NOW is the time to act.

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