Stamp duty holiday propels UK property prices to fastest rise in four years

The stamp duty holiday and a lifestyle stampede for bigger homes helped propel house prices to their fastest rise in four years, figures show today.

Stamp duty holiday propels UK property prices to fastest rise in four years
The average cost of a home in the UK was five per cent higher than a year ago in September, an acceleration from 3.7 per cent in August, according to mortgage lender Nationwide.

Prices have not risen that fast since September 2016 in the immediate aftermath of the Brexit referendum. In the capital prices rose 4.4 per cent to an average of £480,857, while in the commuter belt they went up five per cent to £376,682.

More than 40 per cent of people in London are currently moving or considering a move, a far higher proportion than any other part of the country.
Lucy Pendleton, co-founder of London agents James Pendleton, said: “Pent-up demand from lockdown has been followed by a wave of activity from those who realised they wanted a bigger property, and all this was dealt an extra dose of encouragement by the stamp duty holiday.”

Miles Robinson, Head of Mortgages at online mortgage broker Trussle, said: “The latest figures from Nationwide continue to show that the UK housing market is currently experiencing a ‘mini-boom’. Following the property market lockdown, many are pushing forward with their delayed transactions and we’re also seeing the impact of the stamp duty holiday.

"However, it still remains a challenging time for first-time buyers who are continuing to face increased scrutiny from lenders, tighter criteria and a shrinking range of high loan-to-value (LTV) products.

"More than 90 per cent of deals have been pulled from the market since March this year, and as of this week, there are only 74 mortgage deals available for mortgage applicants with a LTV over 90 per cent. By comparison, this time last year there were over 2,000."

Meanwhile latest data from agents Colliers International show that commercial tenants paid 48 per cent of their rent due on the September quarter day this week, up from 36 per cent in June.

The huge fall in GDP during the lockdown was slightly less severe than originally feared, according to the Office for National Statistics. It has revised up its estimate of the plunge from 20.5 per cent to 19.8 per cent.

The ONS also revised first-quarter figures to show a sharper fall from 2.2 per cent to 2.5 per cent.

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James Allen is the founding director and owner of Allen Residential. James started in estate agency back in 1997 and after working for a couple of strong independent estate agencies he established Allen Residential in 2005 Keen to invest back into his team, James is dedicated to ensuring that each team member at Allen Residential is a key part of the business, emphasizing the importance of their contributions. His leadership style highlights the significance of a cohesive and dedicated team, fostering a supportive and growth-oriented environment. The business has flourished in recent years, thanks to the staff's commitment to excellence and the implementation of effective systems. James' appreciation for his team’s hard work and dedication is evident, making Allen Residential a thriving and dynamic company.

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