Record house asking prices despite stamp duty blow

Asking prices for houses have risen to a record high despite the stamp duty holiday ending.

The average price tag climbed 1.4 per cent, or £5,312, this month to £377,182, the latest house price index from property website Rightmove reveals.

The holiday tax break was introduced in mid-2020 to help the housing market during the Covid pandemic. It ended on April 1, with the ‘nil rate’ threshold for first-time buyers being lowered from £425,000 to £300,000 and £250,000 to £125,000 for all other movers.

But the latest figures show the end of the holiday has not deterred most movers. Mortgage brokers reported some potential buyers had pulled out because they could not complete before the end of March, however.

Record high: The average price tag climbed 1.4 per cent, or £5,312, this month to £377,182, the latest house price index from property website Rightmove reveals

Colleen Babcock, of Rightmove, said: ‘We’ve seen our first price record in nearly a year, despite the number of homes for sale being at a decade-high.

‘The increased choice seems to be bringing more movers into the market, with both buyer and seller numbers up as the market remains resilient. Confidence from new sellers is a good sign for the overall health of the market.’

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