Property sales have continued to rise as demand for homes outnumbers supply in various towns throughout the country, with some seeing 20 percent jumps in typical house prices in just one year
House prices rose dramatically during the last year as the property market has been shaken by the pandemic – yet as prices continue to rise following a recent drop, parts of the UK will see their average house price continue to fall.
Property sales have continued to rise as demand for homes outnumbers supply in various towns throughout the country, with some seeing 20 percent jumps in typical house prices in just one year. As stamp duty expires and the race for space slows down, individuals hoping to jump on the housing ladder are welcoming reduced asking prices.
According to the Rightmove House Price Index published in August of 2021, the national average declined for the first time since January of this year.
House prices fell by 0.3 percent on average across the country, while there was a fluctuation of rising and decreasing prices on a more localized basis.
Rightmove estimates that the majority of the UK is continue to see home price declines, based on their most recent statistics for August 2021.
The drop in asking prices is based on monthly data, and it comes when the combination of stamp duty tax relief and the promise of home-working settings fizzles out across the UK.
The monthly average property price in London has fallen by 1.5 percent since July 2021, the most substantial drop in the country.
With a one percent reduction in house prices in August of this year, Scotland came in second in the top five declining regions.
The average house price in the North East of the United Kingdom, including Durham and Sunderland, has fallen by 0.6 percent since July, costing a potential buyer roughly £165,712.