Average house prices across the UK rose a staggering £ 31,000 in the year through June, the fastest annual increase since 2004, official figures announced today.
When the house buying craze skyrocketed towards the end of the prime holiday with the stamp duty, the average property sold for a record £ 266,000 in June – a 13.2 percent increase from a year earlier, according to the National Statistics Bureau.
Between May and June there was a significant price jump of 4.5 percent, which the ONS attributed to the reduction in tax breaks.
House prices skyrocketed in June as shoppers rushed to take advantage of the stamp duty vacation
Buyers rushed to get on the line for stamp duty leave, which saved them up to £ 15,000 through June 30. They can save a maximum of £ 2,500 until the end of September.
ONS Price Director Mike Hardie said: “In June UK house prices saw their highest annual growth rate since 2004.
However, that number was boosted by strong monthly growth with a rush in purchases before the stamp duty vacation changes went into effect in late June.
“The average price for UK homes is now a record £ 266,000, up £ 31,000 from that time last year.”
The rise in real estate prices over the past year has meant that the value of a property has become even more out of proportion to the income of the people.
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