With high-demand for properties even after the stamp duty holiday, figures show that average house prices have jumped by almost £6,000 in all regions of the UK – in only one month.
Increase in Property Prices
Interest rates are currently at a historical low; but with inflation rising across the UK, the Bank of England has warned that interest rates could rise in an attempt to stop inflation going above the Bank’s 2% target – which could affect mortgage repayments. As a result of such news, many buyers are looking to purchase a home and approve their mortgages before the potential rise – predicted for the end of the year – causing another potential stampede in the property market.
The Race for Space
With Brits more desperate than ever to purchase properties, and the ‘race for space’ following COVID-19, there is high demand in what seems to be a low-supply arena. Additionally, data from our Stamp Duty Stampede research shows that 12% (1,900,000) of Brits rushed their property transaction due to Stamp Duty Holiday, while 11% (2,300,000) of Brits overpaid by thousands during a house move in the last year. On top of that, average house prices are rising faster than the average annual income, with the Rightmove House Price Index stating that the average UK house price is up 6.5% from October last year.
Saving for the Big Move
We have reached another crossroads in which following the stamp duty holiday, there is another potential deadline for Brits to prepare for. It seems likely that house prices will continue to rise before demand slows down, as Brits race to obtain lower mortgage rates. Therefore, it is more important than ever to save money wherever people have the opportunity, particularly on the move itself. Homebuyers must take the time to compare services and providers to get the best deal possible, as it’s just not an option anymore to pay over the odds during the move.
Our Research
In our research, we found that 45% of home movers are moving with zero knowledge of trustworthy/good value service providers to use in the area and 20% (4,500,000) didn’t stop around for the best deals but went with the easiest option at every stage instead. This shows that many people are overpaying for their move because they don’t know what the best options are or haven’t had enough guidance around the different steps that are involved in a home move.
How can our platform help?
Moveable is a property concierge platform that combines tons of clever features to help make the journey of moving home as smooth as possible, including a wide range of informative guides on the various stages of buying and moving home, easy-to-follow tasks with clear instructions on “things-to-do”, timely reminders to prompt you into action, and handy-price comparison tools – these features and many more, allow you to stay in control of your move.