Property values increase at highest rate this year
Director of Benham and Reeves, Marc von Grundherr, commented: “It’s full speed ahead following the Autumn Budget, with the monthly rate of house price growth in November the largest seen so far this year.
It’s amazing what a little urgency can do and with stamp duty costs now set to increase from April next year, buyers are acting with a far greater degree of intent which is driving the market forward at pace.
Of course, affordability remains an issue and many buyers are continuing to struggle with the high cost of securing a mortgage. However, what we are seeing is a measured return to health, driven by increasing buyer demand, which is very good news for sellers and the wider property market.”
CEO of Yopa, Verona Frankish, commented: “We’ve seen an immediate reaction from buyers following the Autumn Budget and this uplift in market activity is driving current house price performance, however, those who are keen to complete before stamp duty costs increase really need to be acting sooner rather than later.
There is still time to get a sale over the line before April next year but the property purchasing process can be a complex one riddled with delays. Those who are currently house hunting need to be aware that they could well miss the deadline and so they need to factor in the potential increase in costs that this would bring.
Stretching your budget to its maximum in order to secure a property at speed and ahead of other buyers may well work in the short term, but it could prove problematic if you are required to pay more in stamp duty having completed beyond 31st March next year.”
