Buyer demand falling from record levels, but still well up on more ‘normal’ market conditions, +80% up compared to 2017-19. Demand dipped by 9% in a fortnight after July 1st, when the initial stamp duty holiday ended.
Average house prices rose by 1.3% in Q2, taking the annual rate of growth to 5.4%, up from 2.2% registered in June last year. Prices are being pushed upwards by particularly strong growth in Wales and the North West of England, which, at 8.4% and 7.3% respectively, are the highest rates of house price growth in these regions for 16 years. There is also strong price growth in Northern Ireland (8.6%).
Robust demand
Prices are still being supported by strong levels of demand in the market. While buyer demand has eased since the peak in April, when levels were unsustainably high, they are still running 80% higher at this time of year compared to more ‘normal’ market conditions between 2017 and 2019
