UK house prices jumped nearly 5,000 in August | housing market

UK home prices rose by nearly 5,000 in August as the real estate market continued to boom after government stamp duty holidays in the UK and Northern Ireland partially ended.

According to the National Architectural Association, the average cost of a home rose 4,628 to 248,857, a monthly increase of 2.1%, the second highest in 15 years.

Real estate inflation rose to 11% in August from 10.5% in the previous month, despite expectations that house price inflation would ease as the stamp duty cap was lowered from 500,000 to 250,000 in July.

Nationwide described the strength of the market in August as a shortage of real estate for sale and home buyers with fewer than 250,000 homes trying to complete purchases in October before the stamp duty threshold returned to the pre-crisis threshold of 125,000.

The average house price in the UK has risen 13% since the crisis began 18 months ago, driven by record low interest rates, demand for more real estate during the pandemic and incentives offered by Prime Minister Rishi Sunak.

The rise in home prices last month comes after a short-term contraction in July, when home sales plunged by two-thirds after the government cut tax cuts for new buyers. Nationwide said price gains were down 0.6% before the August rebound.

Robert Gardner, Chief Economist at Nationwides, said: “The August rebound was surprising as the market’s enthusiasm seemed to have dissipated to some extent as stamp easing in the UK slowed at the end of June.”

He said the increase could reflect strong demand from people buying properties priced between 125,000 and 250,000, hoping to benefit from stamp duty relief before they expire, combined with the small number of properties in the real estate broker’s book.

Nationwide expects the upward trend in real estate prices to continue in the near term, driven by consumer confidence recovery along with real estate supply shortages. However, by the end of the year, the outlook for the real estate market remains bleak.

After the end of the month stamp holiday, activity in the real estate market will almost inevitably slow, and government-funded plans will end at the end of the year, raising unemployment, he said, causing real estate demand to stagnate. .

But even this is not certain, Gardner said. The labor market has been remarkably resilient to date, and even if weakened, changes in housing preferences caused by the pandemic could still support activity for a while.

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Tom Bill, Knight Frank’s UK Housing Research Director, said: The vacation is completely over.

Lucy Pendleton of real estate agent James Pendleton said: Sunax’s generous national handout turned out to be more of a misdirection than crisis management.

With the market not needing his money and hundreds of billions of dollars hidden in accidental savings, the British continue to satisfy their deep-rooted resolve to move after a shocking 18 months.

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