The UK house price boom continues, with prices rising at their fastest rate since 2016.
Mortgage lender Halifax has reported that prices have jumped by 8.2% over the last 12 months — taking them to a new record high. That’s the fastest annual growth in five years, according to Halifax’s data.
On a monthly basis, prices rose by 1.4% in April alone (the fastest in seven months), lifting the average price to £258,204.
Director of Benham and Reeves, Marc von Grundherr, commented: “Rishi’s rabbit out of the hat in the form of a stamp duty holiday really has been magic where the revival of the UK property market is concerned. House prices are booming, driven by a surge of buyers keen to save while also taking advantage of the continued low rate of borrowing.
“The question is, of course, whether this clever trick will help rejuvenate the market in the long term, once the curtain finally falls on Mr Sunak’s tax reprieve?”
Managing Director of Ascend Properties, Ged McPartlin, commented: “Yet more mammoth rates of house price growth as the market continues to run red hot in the wake of the stamp duty holiday extension. While this has certainly been the touchpaper, we’re now seeing a number of other contributing factors helping to boost market activity.
“The lifting of lockdown restrictions and the vaccine rollout has further buoyed market sentiment, causing more buyers and sellers to enter the fray with confidence. As we enter the busiest time of year for property sales, expect more of the same as transacting remains very much on the agenda for the UK.”