This week The Guardian reported “Average asking price for homes in Britain hits record high”. Hilary Osborne discusses how there has been a surge in sales down to the stamp duty holiday, and ‘race for space’. Property portal, Rightmove has predicted a 7% rise in house prices for 2020 with data showing that asking prices have risen across the board. “Top of the ladder” properties (four-bedroom detached and larger homes) have seen the biggest monthly move.
House Prices in Britain predicted to increase by 7%
The article then dives deeper into the activity in the property market detailing how Rightmove said houses were changing hands quicker than ever. However, there were also signs that activity levels were easing off. “In September, the number of sales agreed was up by 70% year on year, but the figure has fallen to 58% in October”.
Taking into account a very turbulent year, activity in the property market over the last 4 months has been phenomenal. This news will be welcomed by many sellers, however for those trying to jump onto the property ladder, it could add to the challenges already faced. If you are a first time buyer, remember there is still the opportunity to save money in the property process with the stamp duty holiday.
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