Economists have been predicting a flurry of patrons attempting to finish purchases earlier than stamp responsibility will increase in April.
The typical UK home worth rose by 0.4% to £270,493 (€328,278) throughout February, up from 0.1% the month earlier than, in accordance with Britain’s largest constructing society Nationwide.
The expansion in February was the sixth month in a row that home costs within the UK have grown regardless of challenges remaining when it comes to affordability.
Commenting on the figures, Robert Gardner, Nationwide’s Chief Economist, stated: “Housing market exercise has remained resilient in current months, regardless of ongoing affordability challenges. Certainly, the second half of 2024 noticed a noticeable choose up in complete housing transactions, which had been up 14% in contrast with the identical interval in 2023.”
He famous “a noticeable pickup in complete housing transactions” within the second half of 2024, though the variety of offers through the yr was nonetheless 6% beneath the extent of 2019, the final yr unaffected by the pandemic.
Gardner added: “The final 12 months have seen a gradual improve within the variety of purchase to let purchases involving a mortgage, with rental will increase and an easing in purchase to let mortgage charges bettering the flexibility to lift finance. Nonetheless, exercise stays fairly subdued in comparison with historic ranges.”
He warned that the adjustments in stamp responsibility as a result of come into impact in April may “generate volatility in transactions within the close to time period, as patrons deliver ahead their purchases to keep away from the extra tax”.