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Property News | Average house price tops £250,000 for the first time

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The average cost of a home has risen by almost £31,000 since the start of the coronavirus pandemic, hitting £250,000 for the first time on record, according to a leading index.🏡

Record breaking figures!

Even with the stamp duty threshold reverting back to its pre-pandemic levels after 14 months of government support during the COVID-19 pandemic, there still continues to be a strong demand for homes and an increase in house prices, with the average price of a property now standing at £250,311, up 9.9% annually, according to The Nationwide Building Society.

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What the experts’ say

Robert Gardner, Nationwide’s chief economist, said:

“Demand for homes has remained strong, despite the expiry of the stamp duty holiday at the end of September.

Indeed, mortgage applications remained robust at 72,645 in September, more than 10% above the monthly average recorded in 2019″. 

Thinking about selling? Miller Metcalfe have 18 hubs across the North West. Our property experts are always on hand to assist you with any of your property needs. Contact us today. Visit https://millermetcalfe.co.uk/contact-us/ to find your local branch.

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