As September draws to a close, the property market is continuing to recover. House prices rose by 0.4% in August, following a 0.6% increase in July. This is the third consecutive month of price growth.
The increase in prices was driven by a number of factors, including the continued progress of the vaccine rollout, the reopening of the economy, and low mortgage rates.
Across the UK, prices rose by 0.4% in August. This is in line with the national trend.
The government has extended the stamp duty holiday until September, which is likely to have boosted demand for properties in the past month.
The summer months are traditionally a busy time for the property market, as people look to move before the school year starts. This year was no different, as buyers and sellers took advantage of the stamp duty holiday and the improving economic conditions.
Regional breakdown
Here is a breakdown of housing activity across Scotland, Wales, the North of England, the Midlands, London, the South East and the South West:
Scotland: House prices rose by 0.6% in August, the strongest monthly growth in the country.
Wales: House prices rose by 0.3% in August, slightly below the national average.
North of England: House prices rose by 0.2% in August, the weakest monthly growth in the country.
Midlands: House prices rose by 0.5% in August, in line with the national average.
London: House prices rose by 0.1% in August, the slowest monthly growth in the capital.
South East: House prices rose by 0.4% in August, slightly above the national average.
South West: House prices rose by 0.5% in August, in line with the national average.
Outlook
The property market is expected to continue to recover in the coming months, as the economy continues to improve and the stamp duty holiday comes to an end.
However, there are some risks to the outlook, such as the rising cost of living and the potential for interest rates to rise.
Overall, the property market is in a healthy position, and there are still some great deals to be had. However, buyers should be prepared to act quickly, as the market is starting to move.
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