Stamp duty cuts, along with increased demand for garden homes since the pandemic, have pushed confidence in the housing market to its highest level in four years, according to surveyors and real estate agents.
A net balance of 44% of Rics members recorded a price increase, the strongest reading since 2016, according to its latest monthly snapshot. This compares to the 13% in July and represents a dramatic shift from the -33% recorded in May. Almost all of the UK is seeing price spikes. The one exception is London, where Rics members have reported that prices have remained fairly steady over the past two months.
Figures from Rics indicate an increase in interest in homes with gardens in the wake of the Covid-19 pandemic, with 83% of those surveyed expecting high demand for these homes over the next two years, and 79% expecting high demand for these homes. Real estate close to green spaces.
Rex said the August recovery in the housing market was boosted by those looking to take advantage of the stamp duty holiday.
The cut, announced by Chancellor Rishi Sunak earlier this year, means there are no stamp duties payable on homes worth less than £ 500,000 in England and Northern Ireland – and £ 250,000 in Scotland and Wales – with discounts higher than Those thresholds.
The net balance of 63% of surveyors and real estate agents reported an increase in buyer interest during the month (those who reported lower interest were deducted from those who experienced a slight increase). However, the long-term view remains more cautious.
Other surveys by mortgage lenders Nationwide and Halifax also showed strong rises in home prices.
Mark von Grunder, director of real estate agent in London, Penham and Reeves, said: “The UK housing market continues to keep pace with the runaway freight train momentum, and stamp duty deferral fuel not only motivates buyers to act, but is causing homes to sell for under £ 500,000 at a very good price. .
