There is no denying the huge impact the stamp duty holiday has had on the property market in the past year. In an extremely challenging time, the housing market has been very active, with so many households encouraged to move because of perceived savings in the market.
With the tapering-off period underway, many industry experts are examining the market. At Thomas Morris, we are here to ensure you remain up to date with what is taking place.
What is the Nationwide saying about the housing market?
The key takeaways from the recent Nationwide House Price Index figures are:
Annual house price growth remained in double digits, but fell back to 10.5%
Prices down 0.5% month-on-month
Stamp duty changes impacting market dynamics
Robert Gardner, Nationwide's Chief Economist, said; “Annual house price growth slowed to 10.5% in July, from the 17-year high of 13.4% recorded the previous month. In month-on-month terms, house prices fell by 0.5%, after taking account of seasonal effects, following a 0.7% rise in June. The modest fallback in July was unsurprising given the significant gains recorded in recent months. Indeed, house prices increased by an average of 1.6% a month over the April to June period – more than six times the average monthly gain recorded in the five years before the pandemic.”
Charlotte Nixon, mortgage expert at Quilter spoke about the recent changes in the market, saying; “The predicted cooling of the market is finally upon us as prices dropped by a further 0.5% in July although they are coming down from a very high base so still remain inflated. With the stamp duty holiday set to completely go in a matter of weeks this downward trend is likely to continue into the autumn and may drop even further come winter. Dropping infection levels and an economy which is slowly getting back on its feet may help to steady the ship and prices will reduce at a slower pace than originally predicted but we are unlikely to see anything like the same rush to the market like we have this year following the stamp duty holiday announcement.”
How is the Royston housing market faring?
According to Rightmove, as at the start of August 2021, Royston house prices are as follows;
“Properties in Royston had an overall average price of £373,512 over the last year.
The majority of sales in Royston during the last year were terraced properties, selling for an average price of £317,812. Semi-detached properties sold for an average of £375,847, with detached properties fetching £545,363.
Overall, sold prices in Royston over the last year were 5% up on the previous year and 9% up on the 2018 peak of £342,309.”
If you are looking for help with any matter of the property market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively or you can phone our Royston branch on 01763 243331.