House prices are continuing to rise at an exponential level with property costs increasing by 2.1% in April, which is the highest jump in just one month since 2004. In March, The Office for National Statistics (ONS) confirmed that prices rose by 10.2% over the previous year. More recent figures indicate that demand has continued in April and May as buyers continue to outnumber sellers.
With interest rates set to remain at 0.1%, and tangible signs of it being a seller’s market, with buyers offering on property they’ve not even seen, and the rush to beat the end of the stamp duty holiday, the property boom seems to be thriving.
This is great news for the post-pandemic economy as house buyers are big spenders. They employ solicitors, builders, and surveyors, and buy furniture, appliances and home improvement materials.
As the UK’s vaccination programme pulls us out of the pandemic and the stamp duty holiday ends, house prices may begin to level out towards the end of the year. Indications all point to now being the time to sell your house!