UK annual house price growth hits 13.4% in June, highest since 2004 – business live

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UK house prices are additionally being propped up by low provide of properties available on the market.

Jonathan Hopper, CEO of Garrington Property Finders, says the surge in costs is exacerbating this drawback -- individuals are apprehensive about placing their residence available on the market and getting provides, with out having secured someplace to maneuver to.

Current months have seen notably robust worth progress – costs are up virtually 5% since March.

“And but this will likely show the excessive tide mark for the distinctive inflation seen over the previous yr. With the Stamp Obligation vacation resulting from begin tapering away from this Thursday, consumers are more likely to develop into much less frantic of their want to finish purchases as shortly as potential.

Martin Beck, senior financial advisor to the EY ITEM Membership, argues that home costs might nicely maintain rising, even as soon as the stamp obligation vacation ends.

Beck says a “cocktail of forces” have propelled demand, together with the extension of the stamp obligation vacation, low borrowing prices, the ‘substantial financial savings’ constructed up by some households within the lockdown, and the truth that older, higher-paid staff have been much less affected by pandemic job losses.

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