Housing market shows ‘no signs of cooling off’
Residential property prices look set to continue rising this year beyond the stamp duty holiday, as lifestyle changes continue to fuel market demand.
House prices increased by 10.9% annually in May, marking the strongest growth in almost seven years, according to Nationwide’s house price index.
The double-digit house price growth recorded last month followed a 7.1% annual rise in April, the figures show.
Across the UK, property values hit a new record average of £242,832 – up by £23,930 compared with 12 months earlier.
The fast approaching stamp duty holiday deadline has helped turn the market into a frenzy, but there are other factors at play here. A sense of normality is returning as restrictions lift and the vaccination roll out progresses, while we’ve also seen a major uplift in the 95% mortgage offering which has helped more first-time buyers come to the market.
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