Mortgage Introducer reports that the average UK house price is now at £251,968, representing a decrease month-on-month of 0.3 per cent.
Russell Galley, managing director of Halifax, said: “There are some early signs that the upturn in the housing market could be running out of steam, with the annual rate of house price inflation cooling to its lowest level since August.”
He added that industry figures for agreed sales are still above pre-pandemic levels, but there has been a noticeable drop in new instructions to sell, and the total stock held by estate agents is now at its highest level since before the 2019 EU referendum.
The stamp duty holiday has helped to fuels the ever-increasing demand amongst households for larger properties, but given the current time to completion across the entire market, any transactions made in the early stages of 2021 will likely not include many borrowers who are expecting to benefit from the stamp duty break.
Ross Counsell, a chartered surveyor and director at GoodMove, said that the future of the property market and the economy is still uncertain for the remainder of the year.
“Increasing unemployment and a shattered economy should indicate a slow housing market, but if we have learnt anything from 2020 it’s that the housing market remains resilient,” he said.
Counsell added that the lockdown measures that were introduced to slow the spread of the coronavirus had shifted how the nation views property and expects that the demand for larger properties in rural locations will continue, but as reduced prices to those from 2020.
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