Our home price forecast predicts that due to the stamp duty holiday period, home prices will start to rise in June after declining slightly in May.
According to the truly shifting house price forecast, prices will fall between April and May 2021. However, from June onwards, prices will rise again due to high demand.
Home prices continued to decline from February through March due to the expected end of the stamp duty holidays, which means fewer deals were done on properties. The effect of this drop in demand will be felt in May 2021 when prices are expected to fall further by 5.3% from March.
However, after the budget was announced and the holidays were extended, the demand for homes started to rise again. This means that by June 2021, prices will have started to rise again, increasing by 2.8% forecast from the previous month. Although, due to the drop in May, house prices in June are still expected to be lower than in March despite the hike. Compared to June 2020, however, house prices will be 4.4% higher.
The fact that house prices will be lower in June than in March despite the hike, can be seen in the regional forecast for the 3-month period. England and Wales as a whole will see house prices fall between March and June, with the biggest drop occurring in Wales, with an expected drop of 10.1%.
In Scotland and Northern Ireland, however, we actually expect house prices to increase over the 3 months. Northern Ireland will see an average increase of 1.7% and Scotland 4.2%.
You can see more information in our forecast for March 2021.
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Fee on 01/29/2021