With the housing market boosted by stamp duty holiday — plus flexible working arrangements leaving workers reconsidering the kinds of homes they want to spend their days in — house prices have risen in the last year. They are expected to dip again once the stamp duty holiday officially ends, which means now could be a good time to sell!
Zoopla’s House Price Index tells us that “demands for homes have hit a new high” since the start of 2021. It goes on to explain that “the combination of children returning to school and the stamp duty holiday extension announcement in early March, as well as the return of first-time buyers and the continued ‘search for space’ among homeowners, came together to create a demand boost, especially for family houses.”
What Parts of the UK Have Been Affected the Most?
Cities like Liverpool and Manchester have seen the biggest rise in house prices since 2020, with London and Southampton being some of the cities to see the lowest. You can also find the full list of average house prices by region in the house price index.
What Effect Did the Stamp Duty Holiday Have on House Prices?
From July 2020, the stamp duty holiday allowed home-movers in England and Northern Ireland a temporary tax-free threshold of £500,000, replacing the usual £125,000. This saw house prices rise 3.8% over the year — boosting the property market significantly. The holiday was due to end in March, which saw buyers rushing to secure properties before that date but was later postponed.
This first stage of phasing out the stamp duty holiday began on 30th June 2021. Between then and 30th September 2021 is a transitional period with the threshold sitting at £250,00 before returning to the original £125,000 for home-movers in October.
Though House Prices Dipped 0.5% in June after the phasing out of the stamp duty holiday began, the property market is still booming, with the stamp duty threshold remaining reduced until October. This could be an excellent opportunity to utilise if you’re considering selling and moving up the property ladder soon.
What’s the Best Time of the Year to Sell Your House?
Traditionally, spring is said to be the best time of the year to sell your house. It’s said that March and April tend to be the best months to sell your home quickly, compared to summer when people are on holiday or have their time taken up with childcare. Autumn can be okay to sell as there are no holidays to compete with, whereas the Winter market tends to be quiet due to the holiday season.
So — Is Now a Good Time to Sell a House?
We say yes! With house demand still running high, Autumn just around the corner and the possibility that house prices will dip again after the stamp duty holiday ends, we think now could definitely be a good time to sell.
Sell Your House with Ease at Any Time of Year with House Buyer Bureau
It doesn’t have to be stressful to sell your house! At House Buyer Bureau, we help you avoid the stress of worrying about whether or not it’s a good time to sell your home. We buy any house in any condition to make it as quick and easy for you as possible.