House prices have surged by 7.6% in the year to November, averaging at £253,243.
Both monthly and quarterly growth is also substantial, at 1.2% and 3.8%.
Russell Galley, managing director, Halifax, said: “As the March deadline for the stamp duty holiday approaches, properties sold to home-movers recorded a much higher rate of annual house price inflation (+7.9%) than first-time buyers (+5.8%).
“It is interesting to note that the stamp duty saving of £2,500 on a home costing £250,000 is now far outweighed by the average increase in property prices since July.”
With house prices rising to this extent it’s debatable whether now is a good time to buy, even if you’re able to profit from the holiday before the deadline ends.
Ross Counsell, chartered surveyor and director at Good Move, said: “Not only are house prices at an all-time high, but mortgage approvals are at an all-time 13-year high too, as more and more Brits look to move into more spacious, rural properties, and are looking to do so before the end of the Stamp Duty Holiday in March.
“However, rushing to buy a property before the Stamp Duty holiday deadline could result in you spending more money in the long run.
“First, the stamp duty saving of £2,500 on a home costing £250,000 is now far outweighed by the average increase in property prices since June.
“What’s more, we predict house prices to fall between now and the New Year, and especially around the end of the Stamp Duty Holiday.
“So if you do buy a home between now and then, it’s likely you will be overpaying for the property.”
