UK House Prices Pass Post-Pandemic Peak

The latest Halifax House Price Index showed average house prices have risen for the fourth consecutive month in October, by 0.2%, to £293,999. With house prices now beating the previous pandemic peak, and interest rates slowly being cut, now is the time to get involved in the market.

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Annual growth showed signs of slowing, from 4.6% in September to 3.9% in October ahead of the Budget, but prices have now risen about the June 2022 pandemic peak, restoring further faith in the market for both buyers and sellers.

“With the Budget behind us, we now have greater certainty. We are cautiously optimistic but concerned about the future Stamp Duty rate change for first-time buyers. Do they realise how long it takes to complete a purchase? If the Bank does cut rates today and the mortgage market reacts positively, first-time buyers should seriously consider making their move to agree a purchase before Christmas, as delays could prove costly.”
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Antony Roberts, Head of Sales at Richmond Estate Agency.

If you’ve been waiting to step onto the property ladder while interest rates were 5% and above, now is the time to act. Securing your new home with a new lower rate will not only allow you to save money in the long run, but purchasing before more buyers come to market will allow you greater choice and less competition, also helping to buy at the best price and get the best property out of it. Stamp Duty increases will be coming into affect from 1^st April 2025, so buyers still have the opportunity to move forward with their purchases ahead of this change.

For more information about purchasing property with Beech Holdings, reach out to our expert property consultants today.

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