UK house prices set for big spring boost as demand outstrips supply

The average selling price for houses in the UK is set to receive a boost of over £2,000 this month, with the market experiencing record demands.

Demand for new homes is outstripping supply at the moment by more than any point in the last 10 years, with the number of new buyers making enquiries also at record levels, according to property website Rightmove. The start of the traditional spring selling period has seen the number of sales agreed for the first week in March up by 12% on 2020 despite the current shortage of available stock. According to this latest data, two out of three properties currently on agents’ books have sales agreed subject to contract. The average selling price for houses in the UK is set to receive a boost of over £2,000 this month, with the market experiencing record demands During his Spring budget, Chancellor Rishi Sunak announced that there would be an extension to the Stamp Duty holiday. It was set to finish at the end of March but will now carry on until the June 30, meaning that if you are buying a home for £500,000 or less, you still won’t pay any stamp duty.

This extension is likely to spur a new wave of both sellers and buyers in Spring, addressing the current imbalance between supply and demand.

 

Source:Inyourarea.com (accessed 17-03-12)


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