House prices have jumped to an all-time high according to Nationwide.
The building society said August saw a 2% rise in prices, the biggest monthly jump since February 2004, describing the recovery in the market as “unexpectedly rapid.”
Property prices are now 3.7% higher than they were last August according to data from the high street mortgage lender. It also said demand from buyers is 34% higher than this time last year with four and five-bedrooms homes with a garden in high demand and properties selling faster than they were pre-lockdown.
In the August edition of the Nationwide House Price Index, chief economist Robert Gardner said: “The bounce-back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.”
“House prices have now reversed the losses recorded in May and June and are at a new all-time high.”
Trish Coutts who is a conveyancer in the Residential Property team at Phillips Solicitors incorporating Brain Chase Coles, who has seen a huge demand in property services, said: “The price increases have been the result of a number of factors including demand carried over from when the country was in lockdown as well as the Government’s temporary suspension of Stamp Duty Land Tax.”
Back in July, The Chancellor Rishi Sunak announced the temporary holiday in his mini budget, in a bid to boost the property market and help buyers who have been hit financially by the coronavirus lockdown.
Most people completing on a main residence in England and Northern Ireland costing up to £500,000 between 8th July 2020 and 31st March 2021 will not be required to pay Stamp Duty Land Tax. Those purchasing more expensive properties will only be taxed on the value above that amount.
Here at Phillips Trish and her colleagues are ready to assist you with your enquiries and provide a full service to those looking to buy or sell their home.
We are continuing to work hard to ensure risks are minimalised, contracts are kept to and your transaction is as seamless as possible during this difficult time.
We have taken steps to continue to strive to provide a highly personalised service to you and are able to use various video platforms such as Zoom, Skype and FaceTime, so we can get in touch with you and other parties involved in the sale, regardless of location.
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This article is current at the date of publication set out above and is for reference purposes only. It does not constitute legal advice and should not be relied on as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.