“Frenzy of buyer activity” has skyrocketed property prices in June.

“Frenzy of buyer activity” has skyrocketed property prices in June.

Rightmove says official figures will show a new all-time high for June.

According to Rightmove’s property website, months of “frenzied buyer activity” have pushed the property prices in Britain to a new high.

The real estate portal said it expected HMRC figures to be released later this week to show that June was the busiest month on record for sales, with buyers rushing to complete before stamp tax rules change in. parts of the UK.

On June 30, a temporary tax exemption on the first £ 500,000 of the cost of residential property in England and Northern Ireland began to be phased out, and the threshold was lowered to £ 250,000. Wales completely ended its temporary tax exemption, while Scotland ended at the end of March.

The housing market has been boosted by the tax break, along with buyers’ appetite for moving after lifestyle changes during the pandemic, driving up prices and activity across most of the United Kingdom.

Property prices have reached new all-time highs.

Rightmove, which lists the properties of 90% of real estate agents, said the first six months of the year had been the busiest on record since 2000, pushing up the average price of homes going on the market in England, Wales, and Scotland to £ 338,447 – an increase of £ 21,389, or 6.7%, from early 2021.

While buyers were quick to purchase homes and take advantage of the stamp duty franchise, Rightmove said sellers had been in short supply. In the first half of the year, 140,000 more sales were agreed on than the long-term average, but there were 85,000 fewer new ads. This caused a shortfall of 225,000 properties on the market, the company said.

“This marked deficit, coupled with frenzied buyer activity, is driving record prices and leading to record lows in available-for-sale stocks,” Rightmove said.

“With the high levels of activity that continue despite the June stamp tax deadline, there is an urgent need to rebuild these meager stocks of properties for sale so that price stability can return.”

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