UK house prices jump £22k a year on average

House prices in Britain continue to rise steeply, having jumped by an average £22,000 a year. Figures from the latest House Price Index from Halifax show a vibrant property market, with the price of homes witnessing a yearly increase of 9.5%.

Halifax’s latest House Price Index was released in early June. The index confirms that the average home in Britain is currently £261,743 and that property is rising at a rate of 1.3% per month.

The escalating costs of the price of property is being pinned on the impending end of the stamp duty holiday, which was introduced in 2020 as a means of getting the market back on its feet during the pandemic. This is coupled with the fact we are in approaching what is traditionally the busiest time for the housing market.

As Russell Galley, managing director of Halifax, commented: “Heading into the traditionally busy summer period, market activity continues to be boosted by the government’s stamp duty holiday, with prospective buyers racing to complete purchases in time to benefit from the maximum tax break ahead of June’s deadline, after which there will be a phased return of full rates.

Galley also noted how even higher property prices could be on their way, stating: “For some homebuyers, lockdown restrictions have also resulted in an unexpected build-up of savings, which can be deployed to fund bigger deposits for bigger properties, potentially pushing property prices even higher,” Galley continued.

With mortgage rates low and house prices rising, now could be a good time to invest in property in the UK. If you are looking to purchase a property, buying at auction can be a great way to find the perfect property for the right price.

Check out the lots we’ve got listed for our next property auction and put these dates in your diary for our forthcoming auctions in 2021.