reporter2
23-08-21, 16:52
British home asking prices slip for first time in 2021: survey
Aug 17, 2021
London
ASKING prices for houses in Britain slipped over the past month for the first time this year, as the partial removal of a temporary cut to property purchase taxes took the edge off demand for larger homes, a survey showed on Monday.
Real estate website Rightmove said asking prices fell by 0.3 per cent in its August survey after a 0.7 per cent increase in July, dragged down by "upper end" houses of four bedrooms or more, which saw asking prices fall by 0.8 per cent in July.
The August survey covered property first advertised on Rightmove between July 11 and Aug 7.
The readings chimed with a report from the Royal Institution of Chartered Surveyors last week, which also suggested the reversal of property purchase tax cuts had started to affect an otherwise strong market.
British Finance Minister Rishi Sunak cut stamp duty, a tax on house purchases, in July 2020. But from last month it started to return to its pre-pandemic level.
"Our analysis shows that average prices have only fallen in the upper-end sector, which is usually more affected by seasonal factors such as the summer holidays and has also seen the greatest withdrawal of stamp duty incentives," said Tim Bannister, the director of property data at Rightmove. He said that buyer demand remained strong, with Rightmove predicting a renewed bounce in selling activity and asking prices during the coming months.
Aug 17, 2021
London
ASKING prices for houses in Britain slipped over the past month for the first time this year, as the partial removal of a temporary cut to property purchase taxes took the edge off demand for larger homes, a survey showed on Monday.
Real estate website Rightmove said asking prices fell by 0.3 per cent in its August survey after a 0.7 per cent increase in July, dragged down by "upper end" houses of four bedrooms or more, which saw asking prices fall by 0.8 per cent in July.
The August survey covered property first advertised on Rightmove between July 11 and Aug 7.
The readings chimed with a report from the Royal Institution of Chartered Surveyors last week, which also suggested the reversal of property purchase tax cuts had started to affect an otherwise strong market.
British Finance Minister Rishi Sunak cut stamp duty, a tax on house purchases, in July 2020. But from last month it started to return to its pre-pandemic level.
"Our analysis shows that average prices have only fallen in the upper-end sector, which is usually more affected by seasonal factors such as the summer holidays and has also seen the greatest withdrawal of stamp duty incentives," said Tim Bannister, the director of property data at Rightmove. He said that buyer demand remained strong, with Rightmove predicting a renewed bounce in selling activity and asking prices during the coming months.