UK house prices grew at the highest rate since 2007

Working from home and Stamp Duty Holiday benefits have been major factors in this price increase.

UK house prices grew at the fastest pace in March since shortly before the 2007 financial crisis, according to official figures.

With buyers rushing to take advantage of the government stamp duty holiday, extended through the end of June, the median house price in the UK was up 10.2% in the year to March, up from 9.2% in February. This is the highest annual growth rate the UK has seen since August 2007, the Office for National Statistics said.

The average property in the UK cost £ 256,000 in March, £ 24,000 more than in March 2020. Prices increased 2.1% between February and March.

Annual price growth was highest in Wales and Scotland. Average values ​​increased during the year in England to £ 275,000 (10.2%), in Wales to £ 185,000 (11%), in Scotland to £ 167,000 (10.6%) and in Northern Ireland to £ 149,000 British pounds (6%).

London remains the area with the lowest annual growth for the fourth month in a row, down 3.7% from 4.4%, suggesting that the exodus from the capital has continued, as the shift to working from home led to many office workers reassessing their housing and commuting needs. However, the average price in the capital remained the most expensive of all regions, at £ 500,000 in March.

House prices have been surprisingly strong during the pandemic, and growth has accelerated since the second half of 2020. The stamp duty holiday, extended for another three months through the end of June in the March 3 budget, has driven demand, along with working from home, leading many to seek larger properties with gardens, often in leafy locations outside of big cities.

The ONS said the median price of single-family homes increased 11.7% in the year through March, while the price of apartments and duplexes rose just 5%.

The low cost of borrowing has also fueled frenzy in the market, with the government encouraging lenders to offer first-time buyers 95% mortgages through a guarantee scheme that runs through the end of 2022.

HICH LTD has revolutionized the property survey market since day one! Are you looking for a roof, structural, or bespoke survey? Request it here!

Follow us on our social networks to keep up to date with the most relevant property market news, tips for being a responsible homeowner, and much more!

Twitter: @HichLTD

Facebook: HICH-LTD

We are recruiting Freelance Surveyors and Building Inspectors to carry out Roof & Property Condition Inspections. You will be required to inspect and assess the full external and internal condition of various property types, new and old, including Domestic and Commercial. The position is Home-based, covering all postcode areas throughout the U.K.

Fees range from between £150-£195 per inspection, previous experience in building surveying and or buildings insurance claim surveying with a proven track record or property inspection experience essential.

If you or someone you know meets these requirements and wants to be part of the team of the best surveying company in the UK, please contact us at hichinfo@aol.co.uk