Housing market cools as stamp duty break withdrawn

Annual house price increases were at a 17-year high in June, and slowed slightly in July.

"The tapering of stamp duty relief in England is also likely to have taken some of the heat out of the market," said Robert Gardner, Nationwide's chief economist. The number of homes being sold every month has hit levels not seen since comparable records began in 2005.The number of transactions involving properties bought for £500,000 or more increased by 37% over the 12 months to March, compared with a rise of 2% for all properties.

Iain McKenzie, chief executive of The Guild of Property Professionals, said: "It is going to be interesting to see how the demand for properties changes as we come into the autumn.

Housing is once again caught up in a speculation ponzi which we have seen before and which always ends in the same way - credit crunch and financial crash.whenceitcamewhereitwent

Hahahahaha yesterday it was the housing boom. Make up your mind. DefundTheBBC

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UK annual house price growth cools but remains in double digits – business liveAsian shares fall for fourth day as markets reel from China regulatory crackdown; Hong Kong stages late rebound Bricks look safer at the moment nobody knows where Covid and the economy is going yet? New houses being built face material fluctuations WHAT about older houses? Who sets the prices could it be estate agents, building societies or banks maybe? In 1991 a house was £117k a year later it was £89k with hight interest rates.
Source: The Guardian - 🏆 84. / 53 Read more »