Homeowners in the UK have seen an average of more than £15,000 added to the value of their homes since June – the largest 5-Month gain since 2004, according to a report from Halifax.
The average UK property price now stands at around £253,000 compared to £237,000 in June.
This increase is equivalent to 6.5%, arguably fuelled by the lockdowns that have occurred due to the Coronavirus Pandemic. With buyers having spent more time at home due to restrictions, they become more aware of their surroundings and what they would want from their home that they didn’t have while on lockdown.
November saw house prices rising 1.2% from October, which added around £3,000 to the cost of an average UK home.
Also as a result of the Coronavirus Pandemic, the government announced the stamp duty holiday in July, which scraps the tax on home purchases up to £500,000. For homes above this price, buyers pay no stamp duty on the first £500,000 and a tiered tax following on. The stamp duty holiday comes to an end at the end of March 2021.