The average house price has jumped to £338,447, which is £21,389 higher than it was six months ago.
The new figures, shared by Rightmove, have seen house prices jump for the fourth consecutive month. There has been a surge in activity over the course of the year with 140,000 more sales being agreed the first half of the year.
“First-time buyers are currently benefiting from their sector having the most buyer-friendly conditions,” said Tim Bannister, Rightmove’s director of property data.
“Choice is still more limited when compared to the same period in 2019, but price rises are the most subdued of any sector. Saving a deposit is still very hard, but 5% is now an option, and, with many paying rising rents, buying your own home on a lower deposit is becoming an opportunity again.”
The stamp duty holiday pushed demand over the past year.
“There’s no doubt the stamp duty holiday has been the catalyst for this impressive market performance,” said Marc von Grundherr, director of Benham and Reeves estate agent.
“However, it isn’t the driving factor behind the intent to purchase for UK home-buyers and so a robust level of activity will remain long after it has expired,” he noted.
“When you couple heightened demand with a severe shortage of stock, it’s very likely that property values will remain buoyant for the remainder of the year, at the very least,” he added.
