Big homes fuel £1,000 fall in house prices… Result of stamp duty holiday removal

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The average asking price of homes coming to the market this month is £337,371. This is down 0.3 percent or £1,076 compared with July, Rightmove said.

It marks the first monthly fall this year and is mainly due to cooling demand for larger homes with at least four bedrooms, the site said.

By contrast, activity remains strong in the “massmarket” sector for smaller properties, which have been less affected by the stamp duty holiday withdrawal. The average price is still 5.6 percent higher than a year ago.

Looking for a new home, or just fancy a look? Add your postcode below or visit InYourArea

Tim Bannister, at Rightmove, said: “Average prices have only fallen in the upper-end sector, which is more affected by seasonal factors such as summer holidays and has also seen the greatest withdrawal of stamp duty incentives.”

Toby Phillips, a boss at Countrywide Estate Agents, predicted “an autumn bounce in prices if buyer demand continues as it is”.

Source: Read Full Article