Bristol house prices rocket as buyers take advantage of stamp duty cuts

House prices in Bristol are now nearly £20,000 higher on average than a year ago.

Across the UK, house prices soared in the most recent year due to the impact of the pandemic and stamp duty cuts leading to higher asking prices.

In Bristol, the average home cost £307,765 in June this year.

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That was 6.1% higher than the average cost of £290,122 in June 2020, according to the new figures from the Office for National Statistics.

In the past year, homes in the area have had an extra £17,643 added to the price.

Nationally, average house prices increased by 13.2% over the year to June 2021.

This is the highest annual growth rate the UK has seen since November 2004.

That meant UK average house prices reached a record high of £266,000, up by £31,000 compared to this time last year.

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Average house prices increased over the year in England to £284,000 (13.3%), in Wales to £195,000 (16.7%), in Scotland to £174,000 (12.0%) and in Northern Ireland to £153,000 (9.0%).

House price growth was strongest in the North West where prices increased by 18.6% in the year to June. The lowest annual growth was in London, where prices increased by 6.3%.

The most recent year covers the full extent of stamp duty cuts put in place across Britain following the first lockdown.

The ONS suggests the change in tax may have allowed sellers to request higher prices as the buyers’ overall costs are reduced.

On July 8, 2020, the Chancellor of the Exchequer announced a suspension of the tax paid on property purchases with immediate effect in England and Northern Ireland.

Similar suspensions came into effect slightly later, on July 15 in Scotland and July 27 in Wales. In England and Northern Ireland, properties up to the value of £500,000 would incur no tax, while the threshold for Scotland and Wales was £250,000.

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The tax holiday for Scotland ended on March 31, and ended on June 30 in Wales. In England and Northern Ireland, the threshold was reduced from £500,000 to £250,000 on June 30, with the tax holiday ending on September 30.
The type of house in demand may also be affecting average prices, as the pandemic has made people reassess their home preferences.

Prices for detached homes rose 15.6% in the year to June, with a 13.5% rise for semi-detached, and a 14.0% rise for terraces. However, flats only saw prices rise by 8.4% over the year.

Bank of England analysis reported ongoing strong demand for housing across most of the UK in the quarter to June and a shortage of properties for sale, which pushed up prices.

The Royal Institution of Chartered Surveyors said June was a strong month for sales, but new buyer demand eased as Stamp Duty holidays began to end.

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