UK house prices hit all-time high as Covid-19 lockdown eased – business live

Rolling coverage of the latest economic and financial news, as UK house prices rise at the fastest rate since 2004

  • Introduction: UK house prices at fresh peak
  • “Unexpectedly rapid recovery in housing market”
  • Prices up 3.7% year-on-year
  • Biggest monthly rise in house prices since 2004
  • Nationwide: behavioural shifts driving housing market

7.55am BST

Jonathan Hopper, CEO of Garrington Property Finders, says rural estate agents and surveyors have seen a surge in demand this summer.

That includes families looking to quit the daily commuting rat race and move to a greener lifestyle, following the move to home working this year [despite the government’s efforts to get everyone back to their old desks].

“In some areas the property industry is playing catch up. We’re seeing good homes go under offer very quickly but transactions take longer – as demand for surveyors outstrips supply and conveyancing firms race to dial up their capacity to handle a fast-growing workload.

“Prices are rising fastest among coastal and country properties as buyers planning for a new work-life balance built around less commuting seek more green space, fresh air and better value.

7.45am BST

Tobi Mancuso, director of property investment company Track Capital, warns that the government’s stamp duty holiday could drive a house price bubble.

That temporary cut lets buyers save £15,000 when buying a £500,000 house, so could drive demand for the next six months:

“The chancellor’s stamp duty holiday has launched the sale of the century, and properties are flying off the shelves as fast as they are getting listed.

“Estate agents are rightly making hay while the sun shines, and house prices have accelerated to a new all-time high. Strap yourself in, because we’re going to see a lot of records broken in the next few months.

Continue reading… Source: The Guardian: UK house prices hit all-time high as Covid-19 lockdown eased – business live ———

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