The average UK house price rose by more than £13,000 in the 12 months to November, a major study has revealed.
The research, published by mortgage lender Halifax, is among the first to highlight the impact of the Stamp Duty Land Tax (SDLT) holiday on the UK property market.
According to the House Price Index, the average property price in the UK now stands at £253,243 - a 7.6 per cent year-on-year increase.
Prices were also up by 3.8 per cent on a quarterly basis, while monthly prices rose 1.2 per cent.
Commenting on the statistics, Halifax said this was the strongest growth observed since 2016.
“With mortgage approvals at a 13-year high, the current market continues to be shaped by a desire for more space, the move from urban to rural locations and indications of a trend for more home working in the future,” said Managing Director Russell Galley.
He added: “As the March deadline for the stamp duty holiday approaches, properties sold to home-movers recorded a much higher rate of annual house price inflation (+7.9 per cent) than first-time buyers (+5.8 per cent). It is interesting to note that the stamp duty saving of £2,500 on a home costing £250,000 is now far outweighed by the average increase in property prices since July.”
The figures come after experts warned that home buyers looking to take advantage of the Stamp Duty holiday should move quickly or risk not meeting the 31 March 2021 deadline.
The Legal & General Mortgage Club said legal obstacles and unforeseen events could risk completion times falling outside the relief period, with the average process taking between 15 to 17 weeks from start to finish.
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