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Can the house price boom last?

Buyers have flooded the UK property market since the stamp duty break, but for those considering purchasing a new home it could pay to wait
Can the house price boom last?

After her second property purchase fell through in a matter of weeks following the outbreak of the pandemic, Hannah, 27, decided to temporarily put her homebuying ambitions to one side. “The supply of one-bedroom flats in London is poor and prices are still too high as they price in the post-lockdown bump,” she says. “I read reports that prices are likely to crash in a year, so I thought it would be sensible to hold off and try to secure a bargain then.” 

House prices surged to a record high in August, defying industry predictions made when the housing market was placed into lockdown earlier this year. That has diminished a would-be homebuyer’s bargaining power, with the price achieved on the average home in England and Wales reaching a record 98.7 per cent of the asking price in August, according to data from Hamptons International. 

 

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