Property prices increased over 13% in the second quarter of the year
According to the latest UK House Price Index from the ONS., average property prices rose by 13.2% over the year to June, up from almost 10% in May – the highest annual capital growth over the past 17 years.
Average property prices in the UK reached a record high of £266,000 in Q2 this year which is over £30,000 higher than the same period last year.
The Northwest region was the region with the highest capital growth rate, with average prices increasing by 18.6% in the year to June, up from 14.2% in May.
Despite the stamp duty now only being available to properties under £250,000, there are still other elements that will likely contribute to further house price increases in the next few months. Historically low-interest rates, an uplift in 95% mortgages, and savings accumulated during lockdowns are all going to allow more people to enter the market.
In addition, we are still experiencing a major shortage in housing and now with constriction in supply, we can expect the prices to rise in certain microclimates of the major cities in the North west region.