Following what most of us thought was going to be a subdued start to the year, the housing market experienced something of a resurgence which has largely been attributed to the Stamp Duty Holiday extension, coupled with a supply that is struggling to meet the growing demand from buyers.

According to Nationwide, the average UK house price rebounded to 7.1% in April from 5.7% in March, taking the average selling price to a record high of just over £238,000. After taking account of seasonal effects, they state it has been the biggest month rise since February 2004. It terms of monetary value, Nationwide have said that almost £16,000 has been added to the average house price in the same 12 month period.

On reflection of the ‘buoyant’ market we find ourselves in, has it all been a rosy?

Here’s what Carl Hooper, Head of Residential Sales at Hair & Son has to say “Although we have seen a great lift in the property market against the initial lockdown last year, we are also seeing an impact on the timings of property transactions which can only be attributed to the ever-growing amount of files hitting the conveyancers’ desks (bottle necking). However, a significant portion of our clients who are currently moving or considering a move have said that they would do so despite the stamp duty relief.

With this in mind, along with the potential savings made over the lockdown period and re-introduction of 95% mortgages easing deposit constraints for many first-time buyers, the expectation is that the housing market will remain stable at least in the short term as buyers continue to search for more spacious homes.”

Thinking of buying, selling or perhaps have a property related question? Give us a call on 01702 34 11 77 where a member of the team will be more than happy to help.