8 July 2021
The average price of a UK home dipped 0.5 per cent in June, according to the latest House Price Index from Halifax.
The statistics, released yesterday, showed that the average house price was now £260,358 across the UK, having risen 2.9 per cent in the last quarter. Annually, however, house prices have increased by 8.8 per cent.
Russell Galley, managing director of Halifax, said: “With the stamp duty holiday now being phased out, it’s was predicted the market might start to lose some steam entering the latter half of the year, and it’s unlikely that those with mortgages approved in the early months of summer expected to benefit from the maximum tax break, given the time needed to complete transactions.”
He added: “That said, with the tapered approach, those purchasing at the current average price of £260,358 would still only pay about £500 in stamp duty at today’s rates, increasing to around £3,000 when things return to normal from the start of October.”