An overview of the findings
· Average UK house prices grew by 11.8% over the year to September 2021, an uptick from 10.2% in August.
· The average UK house price now stands at £270,000, up from £242,000 a year ago.
· House prices in England are the highest in the UK, with the average property priced at £288,000, followed by Wales at £196,000, Scotland at £180,000 and Northern Ireland at £159,000. · Take a look at the release in full, here.
Conor Murphy, CEO, Smartr365 commented:
“Continued price growth in September is unsurprising given the lead up to the end of the stamp duty holiday, with demand far outstripping supply in the housing market.
“While I was a big supporter of the stamp duty holiday, the drastic increase in house prices – growing 11.8% over the year to September 2021 – means the housing ladder is becoming less accessible for lower income borrowers and first-time buyers. This comes at a time the cost of living is going up, making home ownership difficult for those looking to get on the ladder.
“The consequences and aftermath of the stamp duty holiday will remain to be seen next month, however, I believe it is unlikely that the end of September signalled a cliff edge moment for the industry, and I expect to see continued growth throughout October.
“As a solution to the consequential affordability crisis, I would strongly encourage a permanent stamp duty holiday for first time buyers, or an increase to LTI and LTV caps - making financing more available – particularly for first time buyers. Both of these options would ensure that buyers do not get shut out of the market as prices continue to rise.”
If you are keen to see how Smartr365 sourcing tools can help you to find the best products for clients amidst sky-high prices, book your demo today to be guided through the platform by a member of our talented team.