Property prices are on the move!
With all the uncertainty faced by house buyers and sellers over the last few years, the latest statistics from the Nationwide House Price Index is certainly providing some reassurance to the current housing market.
Reviewed monthly, the Index recorded a 3.7% annual rise in typical property values so far for 2024 and the latest month's increase was at the fastest rate for 2 years.
Many homeowners, or those desperate to jump onto the housing ladder may now want to consider if 2025 is their year for moving home either to accommodate growing needs and families, or to downsize from a home that is more than they need. Either way, the time-proven expectation of house values increasing over time seems to be proving correct.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:
“The price of a typical UK home rose by 3.7% year on year in November, a strong rebound from the 2.4% recorded the previous month and marking the fastest rate of annual growth for two years (November 2022). House prices increased by a robust 1.2% month on month, after taking account of seasonal effects, the largest monthly gain since March 2022. House prices are just 1% below the all-time high recorded in the summer of 2022."
"The pickup in price growth is unlikely to have been driven by upcoming stamp duty changes (see * below), since the majority of mortgage applications commenced before the Budget announcement."
Ashley Hunt, Director of Lawson West commented,
“The beginning of a New Year is often a time to cause people to finally take the step of moving home and it is often a busy time for our conveyancing team. These recent statistics do provide comfort that house values are moving in their expected direction, providing security that a home is often a valuable investment”.
At Lawson West our Team of dedicated and expert conveyancers pride themselves on the level of service provided to our clients. Whereas some conveyancing providers choose volume and low cost at the expense of service and expertise, at Lawson West we understand how important your house move is to you. We carefully limit the number of clients we act for in the conveyancing process. This way, you have a dedicated and experienced lawyer to represent you throughout the process who has the time and space to work proactively and effectively to give you the best possible service and representation. At times like this, when sales and purchases of property spike, we ensure that your house move is kept on track so you are in the best possible position to move.
If you would like to speak to one of our conveyancers, or receive a quote for conveyancing services, please Contact Us.
Notes:
Stamp Duty Changes
*The temporary increase in the nil rate stamp duty thresholds (in England & Northern Ireland) will expire on 31 March 2025 and revert to their previous levels. For first time buyers purchasing a property of under £500,000, the nil rate band threshold will fall to £300,000 from £425,000 at present, while for other residential buyers, the nil rate band threshold will decline to £125,000, from £250,000. This means more purchasers (though not first time buyers) will have to pay stamp duty.
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