UK house prices rise 4% as buyers rush to beat stamp duty deadline

In March, UK house prices increased by 3.9% year-on-year, influenced by a surge in buyers rushing to finalize property purchases ahead of impending stamp duty changes. The average home price is now £271,316, remaining unchanged from February. Starting in April, first-time buyers will face a lower stamp duty threshold, affecting those in high-value areas like London the most. Experts suggest temporary market softening as transactions were accelerated to evade higher taxes, yet a gradual recovery in buyer activity is anticipated later in the year due to improving economic conditions.

Robert Gardner, Nationwide's chief economist, said: "The market is likely to remain a little soft in the coming months since activity will have been brought forward to avoid the additional tax obligations - a pattern typically observed in the wake of the end of stamp duty holidays."

Read at Business Matters