BREXIT BOOM: House prices proving resilient despite higher Stamp Duty bills
BRITAIN’S post-Brexit property market is proving resilient and buoyant despite political turmoil and higher Stamp Duty bills.
The price for an average three-bed semi-detached house was up 2.6 per cent annually to £233,000 as 10 would-be buyers chase each home for sale in England and Wales.
And the number of new buyers entering the market is up nine per cent in London and 10 per cent nationally.
The latest Market Monitor data was released by one of the UK’s biggest estate agents as Theresa May announced next Wednesday March 29th as the date the UK will officially give notice of its intent to leave the EU.
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After a turbulent year, that is a truly remarkable achievement
Paul Smith, chief executive of haart, said: “House prices are proving their resilience as values this month beat those seen at the same time last year, at a time when the market was experiencing levels of hyperactivity in the rush to beat the stamp duty change.
“After a turbulent year, that is a truly remarkable achievement.
“There are currently 10 buyers chasing each home, a gap that is set to widen as we also see the number of buyers and first-time buyers entering the market increase every month, and as viewing figures bolster.
“All very impressive when considering the battering the industry has taken in the last 12 months, in the form of the stamp duty changes, letting agent fees and political upheaval.
“It’s particularly positive to see first-time buyers entering the market up 11 per cent on the month – proof that the aspiration for home ownership is still very strong among young people.
“And while supply is still low, I urge those thinking about putting their house on the market to act now whilst demand is high to bag themselves a premium on their property.”
The haart analysis follows a report showing house prices up £3,877 in March - a figure that has only been beaten once since 2007.
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According to the latest Rightmove house price index, the rise matches the monthly increase recorded last year as second home buyers and buy-to-let investors rushed to beat higher Stamp Duty bills.
Miles Shipside, Rightmove director and housing market analyst, said: “Since the start of the decade, the average March price rise has been 0.9 per cent, so this month’s 1.3 per cent uplift is an indicator of a shortage of suitable property for sale in many parts of the country, with strong demand for the right property at the right price.
“Since 2007 we’ve only once seen a larger rise than this in March, and we are also keeping pace with last year’s rise, which had the added momentum of investors looking to beat the Stamp Duty tax deadline of April 1st.”
“Overall, it’s too early to tell if we will see a blooming Spring market over the next couple of months, but if the figures continue as they have so far in March, it’s possible that we may see a balmy picture rather than a stormy outlook as we move towards what is normally one of the busier times of the year.”
