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House sales and prices see early spring surge

25 May 2021

Blog, Conveyancing, News

UK home owners borrowed a record £11.8bn on mortgages than the repaid in March according to figures from the Bank of England and high street lenders are now starting to offer mortgages to borrowers offering a deposit of just 5% under a new Government Guarantee Scheme.

Conveyancing - Williamsons SolicitorsThe Policy announced in the budget is designed to help more first time buyers secure a home and the scheme will be available to anyone buying a home costing up to £600,000.00 unless they are buy-to-let or a second home.

Data from HM Revenue & Customs shows the UK property transactions in March hit the highest monthly levels since modern records began in 2005 and the net borrowing level for March was the highest of any month since comparable data began in 1993 and average house prices in the UK continue to rise to record levels. In early May the Nationwide Building Society said the average property price had risen by £15,916.00 in the year to the end of April to reach £238,831.00.

The market was stoked up by stamp duty holidays and low mortgage rates and official data shows average UK house prices continue to rise and have risen 8.6% in a year.

Stamp duty holidays across the UK were said to finish at the end of March 2021 but following announcements the current stamp duty land tax threshold for residential properties is extended until 30th June 2021 and the threshold for non residential land and properties is £150,000.00.

Property purchases from 1st July – 30th September 2021 the stamp duty land transaction tax threshold will be £250,000.00 for residential properties and £150,000.00 for non residential land and properties.

Conveyancing - Williamsons SolicitorsThe threshold for residential properties will change on 1st October 2021 when the duty threshold will be £125,000.00 for residential properties and £150,000.00 for non residential land and properties – these thresholds are the same as they were before 8th July 2020.

The housing market continues to be buoyant and at the moment shows no signs of letting up but, what will be interesting to see, is whether this growth is sustainable or simply a reaction to the stamp duty holiday and the next 3 months will give a better indication of this.

As much as the latest lockdown in particular has been hard, it is encouraging that people have not hunkered down and retreated but got on with their plans to move although the demand for moving home will not have been welcomed by first time buyers who have seen property prices record the highest annual growth in more than 6 years.


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