House prices: Property value hits record high – expert explain what Britons should do
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The Nationwide Building Society revealed the all time high for the average British house price. These property values have spiked, rising by 1.8 percent last month.
It shows the property market has done well in recovery after coronavirus lockdown.
Experts says the prices have been boosted by the flurry of activity, with Britons moving on sales after putting it off.
The property market may also have been boosted by the stamp duty cut by Rishi Sunak to inspire sales.
Robert Gardner, Nationwide’s Chief Economist, said: “House prices have now reversed the losses recorded in May and June and are at a new all-time high.
“The bounce back in prices reflects the unexpectedly rapid recovery in housing market activity since the easing of lockdown restrictions.
“This rebound reflects a number of factors.
“Pent up demand is coming through, where decisions taken to move before lockdown are progressing.
“Behavioural shifts may also be boosting activity, as people reassess their housing needs and preferences as a result of life in lockdown.”
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So, what should Britons do?
Expert Henry Pryor told the Daily Mail: “My advice would be if you want to sell, get on, make the most of the post-lockdown bounce and find a buyer — even if this means having to rent before you buy somewhere else or delaying the completion date so you have time to look.
“But I wouldn’t be in any rush to buy. I’d wait to see what happens to prices later this year.”
Property website Real Homes recommended Britons sell now if they can, to score a high price, anticipating the market will slow down in the run up to Christmas.
It also advised first time buyers take advantage of the stamp holiday unless they still cannot afford what they want.
In this case it recommends waiting til 2021, when it predicts prices will fall again.
It has been warned the layout of your home could knock off thousands from the asking price of your house.
According to a survey by Mira Showers, the layout of your home is very important when it comes to selling.
Having a bathroom that is accessed via the kitchen can knock off thousands of the asking price.
Bathrooms attached to kitchens are usually found in old terraced houses but they have become less appealing in the modern market with nearly half of Brits admitting they’d offer a staggering £7,000 less if they viewed a house with a bathroom attached to the kitchen.
Another estate agent trick has revealed how to boost the value of your home by £30,000 amid house price boom.
group of estate agents worked with Admiral home insurance to explain the best way to sell a property for the best fee.
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