18 May

Property market boosted by March rush

Property market boosted by March rush

The UK’s property market saw an increase in activity during March ahead of the new stamp duty changes.

Overall, house prices rose by nine per cent in the 12 months to March, according to figures from the Office of National Statistics (ONS)

There continued to be strong growth in the capital, with annual house prices increasing by 13 per cent in London. The next largest increase was a 12.2 per cent rise seen in the South East.

Richard Snook, senior economist at PwC, highlighted an increase in activity within the buy-to-let market as buyers completed transactions ahead of the new three per cent stamp duty charge on second properties.

"This move undoubtedly drove up demand and prices in March and we would expect demand to soften over the next few months as a result. There are no signs of any Brexit-related slowdown in this month's figures, although the underlying trends are masked by the effects of the stamp duty change," said Mr Snook.

This is the final release of the ONS House Price Index (HPI), which is set to be replaced by the new UK House Price Index next month.
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