A spike in the average price of a house in the UK is being predicted for this summer, with purchases agreed during the spring months cited as the reason for it.
House purchases agreed in April and March are expected to result in price rises of more than 2.9% for June and over 3.7% for July. Furthermore, the removals firm Reallymoving states that the housing market continues to be extremely busy, citing the number of quotes for conveyancing there were last month as evidence of this. There were roughly 60% more than would typically be expected for that month.
The lockdowns have enabled many would-be buyers to save significant amounts of money, which is offsetting the savings from the stamp duty holiday that are eaten up by rising prices. Borrowing is also still very affordable to people with equity, making it a good time for them to look at upgrading to a home that provides them with greater space and comfort.
Annual housing market growth has been strong since last autumn and is anticipated to spike during the summer thanks to the surge in completed transactions in the spring. June prices are likely to be 6.5% higher than those of the same time last year, while for July, the difference will be 7.8%.
Reallymoving CEO Rob Houghton stated that there was no sign that levels of demand among homebuyers would drop over the summer.
The housing market boom is likely to attract more people to CeMAP courses so they can enter the mortgage industry.
