020 7538 0102
|
New figures from the Office for National Statistics reveal that house sales fell by 3.9% between April and May to 114,940. The number of houses sold was up from 95,960 in May 2019, while property prices rose at a record pace as buyers reassessed their living needs during lockdown. The stamp duty cut for the first £500,000 of a property’s value has helped to fuel the market, as have record low interest rates. The pace of growth is expected to slow over the coming months as the stamp duty relief is withdrawn but analysts said that housing market momentum would remain strong. In London, properties in Barnet and Richmond saw prices increase by over 9% last year, while the City of London and Westminster reported that prices were down, with demand for city centre homes weakening. |