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Financial News: UK House Prices Fall At Faster Pace In

UK House Prices Fall At Faster Pace In January: Rightmove

01/18/2021 - 05:51:00 (RTTNews)

(RTTNews) - UK house prices declined at a faster pace in January before the stamp duty holiday ends, the property website Rightmove said Monday.

As new sellers still hope to tempt buyers and squeeze in a sale before the stamp duty holiday ends, house prices dropped 0.9 percent on month in January, after easing 0.6 percent in December.

On a yearly basis, growth in house prices halved to 3.3 percent from 6.6 percent in December.

According to Rightmove, it takes 126 days from the time an offer is accepted until legal completion. This suggests that new buyers in the market should not be factoring in any stamp duty savings, unless they are first-time buyers.

"While the tax savings were an added incentive, movers' desire for more inside and outside space seems to be continuing, and this new lockdown could be a spur to act in 2021 for those who can and who did not do so in 2020," Tim Bannister, Rightmove's Director of Property Data. Data showed that visits to Rightmove were up by 33 percent, the number of buyers contacting agents was up by 12 percent and the number of sales agreed grew 9 percent for January so far compared to the prior year.

Despite temporary market closures in 2020, people's housing needs meant the number of sales agreed was up by 10 percent for the whole year versus 2019, the agency added.

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