In August of this year, house price inflation jumped up to 10.6 per cent from 8.5 per cent just a month prior, seeing buyers frantically rushing to beat the stamp duty holiday end. But will house prices continue to rise?
Is It Higher or Lower?
The Government’s Office for National Statistics released data figures showing that average house prices throughout the UK have now reached £25k higher than the same period 12 months earlier – now reaching £264k.
Further up north in Scotland saw the highest annual growth on prices by 16.9 per cent, coming in at an average of £181k whilst houses in Wales followed suit with a rise of 12.5 per cent to an average of £195k. Following these areas were England with a 9.8 per cent rise to £281k, and Northern Ireland with a 9.0 per cent to £153k.
In London, there was the lowest annual growth for the ninth month in a row with prices rising just 7.5 per cent annually, but monthly basis prices jumped 5.6 per cent in August alone in the capital.
A Brief Pause
This is seen as further evidence that the drop in property prices at the end of the initial stamp duty holiday deadline was a brief pause within the surge of positive market momentum. At this point, there is little to no sign of letting up and should an increase in interest rates materialise, it is in all likelihood that it will be acceptable for average homebuyers in today’s marketplace.
As things look for this moment in time, the appetite for homebuyers, first-time buyers and second buyers is looking strong to continue strongly into 2022.
North West Pushes Through
Will house prices continue to rise? The North West is continuing to see increases in activity for those seeking to buy property in Stockport, with many first-time buyers actively seeking the more centralised area with easy access to both country and city areas. With many sellers now getting above asking prices on properties they are selling, the northwest has become the hotbed for eager first-time buyers, people looking to upscale and southerners looking to relocate to more rural areas.
As interest continues to grow in the Stockport housing market, so too does the work at Joules Estate Agents Stockport, the number one independent agency for advice on renting a house, how to sell a house and the first stop for many to buy property in Stockport.
Contact the team at Joules today for any steps on buying or selling a home in the Stockport area.