House Price Hit New Record


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Sell My House Quickly found another interesting article about Chester. Average UK house price hit new record high of £252,000 in December.

The average UK house price reached a record high of £252,000 in December 2020, official figures show.

House Price Hit New RecordProperty values surged by 8.5% year on year – marking the highest annual growth rate since October 2014, the Office for National Statistics (ONS) said. In November, house prices had increased by 7.1%.

Within England, the North West had the highest annual growth in average house prices (11.2%), while London recorded the smallest increase (3.5%).

London’s average house prices remain the most expensive of any region in the UK at £496,000 in December 2020.

The North East continued to have the lowest average house price in England, at £141,000. And it has been the final English region to record prices passing their pre-economic downturn peak of July 2007.

The stamp duty holiday is due to end next month and there have been concerns that some buyers may pull out if they do not meet the deadline.

Stamp duty applies in England and Northern Ireland. But it is asimilar property tax holidays have been applied in Scotland and Wales.

The property tax holidays are due to end on March 31 across the whole of the UK.

Since then, the market has come off the boil as the possibility of profiting from that tax holiday recedes. And the reality of juggling home schooling and further restrictions begins to bite.

The ONS warned that, because of the impact of the coronavirus pandemic on housing transactions, larger revisions may need to be made to its statistics than usual.

We found this article about House Price Hit New Record on The Standard. Kindly click the link to read the full story.

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