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HMRC: "The chase for space continues" - Richard Pike, Phoebus Software

Richard Pike, Phoebus Software sales and marketing director, says: ““This morning’s figures indicate demand is still outweighing supply, and the chase for space continues, despite a slight dip in activity.

“The Office for National Statistics (ONS) reported last week that the average house price in the UK dropped by £5,000 in April. This drop could be explained by the expected end of the stamp duty holiday in March, and people submitting lower offers in anticipation. Even so, the average UK house is worth £20,000 more than the same time last year. What we see today is that although this boom is cooling off, it is not yet over. Annual growth remains impressive, and prices could still climb further in 2021.

“The financial benefit of the stamp duty holiday is at risk of being undermined by the inflated price of homes. Over the next month or so, we may see the continued rise in house prices deter prospective buyers, even if budgets may be higher due to UK households having saved an estimated £140 - £190 billion since the first national lockdown.”

Published: 22 June 2021