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House Property Prices Fall

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Sell My House Quickly found another interesting article about Reading. UK house property prices fall as end of stamp duty holiday nears. Average price of a house fell by 0.3% to £229,748 between December and January, says Nationwide.

House prices in the UK fell in January for the first time since June, as demand eased before the end of the stamp duty holiday on 31 March, according to Britain’s biggest building society.

The average price of a house fell by 0.3% to £229,748 between December and January, said Nationwide. The annual growth rate also eased for the first time since June, to 6.4% from 7.3%.

The housing market has been boosted in recent months by the stamp duty holiday, which means there is no tax to pay on property purchases up to £500,000 in England and Northern Ireland. The chancellor, Rishi Sunak, announced it in July to kickstart the market after it ground to a halt during the first coronavirus lockdown when viewings and all but essential house moves were banned, and estate agents were forced to close.

House Property Prices FallNationwide warned the housing market could slow “sharply” in the coming months, if Sunak does not extend the stamp duty holiday and unemployment continues to rise.

Robert Gardner, the Nationwide chief economist, said: “To a large extent, the slowdown [in January] probably reflects a tapering of demand ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase.

“While the stamp duty holiday is not due to expire until the end of March, activity would be expected to weaken well before that, given that the purchase process typically takes several months.”

Sunak has come under pressure to extend the tax break to avoid a collapse in house sales, with MPs calling for an extension during a virtual parliamentary debate on Monday.

We found this article about House Property Prices Fall on The Guardian.  Kindly click the link to read the full story.

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