As we approach the end of April, it's time to take a look at how the property market has performed in the first two months of the third quarter of the year.
March and April
House prices rose by 0.2% in March and April, following a 0.3% increase in February. This is the seventh consecutive month of price growth.
The main drivers of the price growth were the continued economic recovery, low mortgage rates, and a shortage of housing supply.
Government regulation changes
There have been a number of government regulation changes in recent months that could impact the property market. These include:
The introduction of a new energy efficiency rating system for homes.
The introduction of a new tax on landlords who own more than 10 properties.
The increase in interest rates.
Conclusion
It's been a pretty good few months for the property market, with prices continuing to rise. However, there are some risks on the horizon, such as the end of the stamp duty holiday and the potential for interest rates to rise further. We'll have to wait and see how things play out in the coming months.
Here are some things to keep in mind if you're thinking of buying or selling a property:
The market is starting to cool, so you may need to be prepared to act quickly if you find a property you like.
The supply of property is still low, so you may need to be flexible with your requirements.
The government regulation changes could impact the value of your property, so it's important to factor these in when making a decision.
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