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Data released by mortgage provider Halifax have revealed that UK property prices reached a record high last month, the largest monthly increase since 2016, and it is suggested that the increase has been driven by pent-up demand post-lockdown and the stamp duty holiday. 

The average monthly cost of renting a property in the UK is climbing, with average rents increasing by 2.1 per cent in August, compared to July, and up by 1.5 per cent year-on-year.

The reopening of the housing market and government support in the form of the Stamp Duty holiday has brought a short-term rise in house prices and the demand for property. But as the UK enters a recession experts are predicting that the boom will not last, and house prices could fall.

Moving home can be stressful enough at the best of times but if you’re considering downsizing to a smaller property, you may find it a particularly tricky endeavour - perhaps worse than all your other house moves combined!

Homebuyers have clearly been keen to resume their search for their dream abode after having to put it on hold due to the coronavirus crisis, with property sales having soared by 16 per cent in May.

Alexander Jacob - Letting and Estate Agents in Retford