UK House Prices Surge by 3.3% as Market Rebounds

House prices have rocketed at the fastest in more than a year. The market has also rallied back from the disruption caused by the changes to stamp duty

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House Prices Rise Across England

According to ons.gov.uk house prices are up by 3.3% across England, with the acceleration coming after the threshold changes to stamp duty. This was cut from £250,000 to £125,000, with the market slowing down significantly as a result.

With that said, it looks like prices have since bounced back. This comes amid lowering mortgage rates, which have dropped to 4% earlier this month. According to the latest statistics, the average UK rent is also increasing by 5.9%. Kensington and Chelsea still remain the most expensive places to buy a home in the UK, with the average property coming to nearly £1.46 million.

Prices in that area alone have edged up by 2% over the last year. In second, you have Westminster, with homes averaging £1 million. With that said, the value of homes in this area has dropped recently, with prices falling by 3.3%. Camden is in third place, with prices rising by 4.1%. The City of London has witnessed an increase, with prices rising by 0.4%

Even though the house market is quickly becoming competitive, and house prices are rising and fuelling the fire even more, buyers are also starting to explore other options when selling their home. Sites such as Sold.co.uk offer an alternative way to sell your property. When you type in your postcode on the site, you will not just get a cash offer, but the chance to avoid being stuck in a property chain. You can also feel confident knowing that you can avoid the competition on the market, something very useful for older properties, or properties that need to sell quickly, especially given the influx on the market.

Wandsworth and Islington see Decline

Even though most of the UK is rallying in terms of property prices, some areas are witnessing a sharp decline. Wandsworth in particular has seen a 7% drop in prices, and Islington has seen a 5% drop. With that said, average prices in the area still total $679,000 and $701,000. If you want to make an investment in a property to capitalise on the sudden rise in prices, then Elmbridge is the place to be. Elmbridge in Surrey had the fastest growth amongst the top ten cities with rising prices. Property prices have jumped by a whopping 7.4%, with Haringey seeing a 5.4% rise. If you want to know about the rising UK house prices, you can read this post on the MortgageFinanceGazette.com

As time goes on, it’s becoming evident that house prices are rebounding very well from the news in April. As time goes on, it’s going to be surprising whether this trend continues or whether we see more fluctuations in the market. Either way, if you are a homeowner in any of the top locations listed above, then this is very good news, as your property could now be worth more than it was last month.