Why has there been a 8.6% jump in property prices?
According to Revenue and The Office For National Statistics, during the year leading up to February 2021 house prices have increased an impressive 8.6%.
UK Property Transactions Statistics show that the number of transactions involving properties worth £40,000 or more was over 147,000.
This number is an increase of 45% when compared with last years data. On a seasonally adjusted basis this is an increase of 23% between January 2021 and February 2021.
Data also shows that there was the highest number of UK housing sales in March, standing at over 180,000 sales. This is the highest number ever recorded since records began in 2005.
Nick Whitten, head of UK Living Research at JLL, argues that the numbers are due to the amount of people wanting to sell quickly before the stamp duty holiday stops. He also highlights the importance of the stamp duty holidays continuation to keep the housing market going throughout 2021 but also how great this would be for the wider economy.