e.surv: House prices up 5% annually
Average house prices increased by 5% across England and Wales in the year to August 2021, according to e.surv Chartered Surveyors’ House Price Index.
On a monthly basis, average property prices rose by 1.4% between July and August 2021.
Overall, e.surv found that the average price of a house in England and Wales was £328,434 at the end of August.
Prices fell 0.4% in the capital, while the North West has seen highest rate of growth for last nine months, up 13.8%.
Richard Sexton, director at e.surv, said: “House prices remain resilient in the round – all the more surprising when you consider the market was expecting some of the heat in the market might have been dampened by the stamp duty relief taper in England at the end of June.
“We may conclude therefore that the continuing stamp duty holiday may be influencing prices at specific points.
“Any reduction in prices has been at the top end but we continue to have good demand from those buyers seeking to secure properties priced between £125,000 and £250,000 as their stamp duty relief remains in place until the end of September.
“Consequently, as highlighted in our Regional Heat Map for this month, annual house price growth on average is exceeding 10% (13.8% in the North West) with the exception of Greater London, the south east and the east of England – a pattern which has existed for the last eight months.
“It’s worth noting that, in terms of property types, the percentage price growth of detached, semi-detached and terraced homes has enjoyed a broadly similar upward trajectory over the last couple of years.
“The average prices of detached and semi-detached homes have been growing at a rate more than 10.0% for all bar the latest two months of 2021.
“Some believe that the end of the stamp duty holiday at the end of September might soften increases further but the real unknown is the impact of the withdrawal of government support such as furlough; however, on the evidence to date, the employment market has remained remarkably resilient.”