House prices will ‘soften’ in early October, according to an expert, and a ‘slowdown is unavoidable.’
HOUSE PRICES ARE EXPECTED TO “SOFTEN” IN EARLY AUTUMN, as the country’s housing market boom slows. According to a real estate specialist, the “growth slowdown was unavoidable.”
House prices have risen steadily in recent months, with the average agreed price for a home reaching £330,279 in June 2021. According to Reallymoving, this figure will rise to £342,767 in July 2021 and £344,264 in August 2021. According to the reallymoving home price forecast released yesterday, house prices in England and Wales will rise by 3.8 percent in July, before dropping in the following months.
In August, the prediction indicated only +0.4 percent rise, with -0.1 percent growth expected in September, bringing the average price negotiated down to £343,968.
The market begins to flatten in early October, according to reallymoving, which coincides with the end of the stamp duty land tax (SDLT) break.
When the SDLT vacation ends, there will likely be less competition for homes, and buyers may be less willing to pay more if they must pay the property tax.
On June 30, the stamp duty holiday threshold was lowered.
After that, it was decreased to £250,000, where it will remain until September 30.
It will revert to its prior amount of £125,000 on October 1.
According to Rightmove, the UK’s leading property website, there is a 225,000 shortage in new properties coming to market.
According to Reallymoving, the scarcity of fresh supply on the market will likely continue to maintain prices throughout the summer.
Annual growth is trending in the same direction as monthly numbers, decreasing from +15.7 percent in August to +6.3 percent in September, a drop of more than half.
When buyers sought for conveyancing estimates through the comparison site, often 12 weeks before they close, Reallymoving looked at the purchase amount they have agreed to pay.
The site was able to anticipate housing prices for the next three months.
A “slowdown” in house price increase is “inevitable,” according to Rob Houghton, CEO of reallymoving.
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