Property market
19/04/2022
Current state of the market
House prices have finally stabilized into the double-digits since the end of the stamp duty holiday.
Annual house price growth hit 10% in November, according to the Nationwide Building Society. That was an increase from the 9.9% growth seen the month before. But Nationwide’s chief economist Robert Gardner said it was still unclear what impact the new Omicron variant would have on a “buoyant” housing market.
The average price of a UK house was £252,687 in November – nearly 15% higher than March 2020, when the coronavirus crisis started.
Robert Gardner said: “There have been some signs of cooling in housing market activity in recent months; for example, the number of housing transactions were down almost 30% year on year in October.”
“But this was almost inevitable, given the expiry of the stamp duty holiday [in England and Northern Ireland] at the end of September, which gave buyers a strong incentive to bring forward their purchase to avoid additional tax.”
He added that fewer people being made redundant than expected after the end of the furlough scheme could provide a further boost to the market.
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