House prices have increased by the fastest annual rate since August 2014 according to the Nationwide Building Society. The dream of having a home to better suit the pandemic lifestyle has helped drive demand as well as the savings offered by the soon to end stamp duty holiday. The tax relief deadline is the end of June at which time there will be a discounted tax and then it will go back to normal levels at the end of September. There is not an expectation at this time that the stamp duty holiday will be extended as it was in March.

When seeking a loan, the number one thing most borrowers are concerned with is the interest rate. They very well should be as the interest rate is the cost of borrowing. The higher the rate, the more money that will be charged for borrowing. The lower the rate, the more savings that can be found in comparison to a higher offered rate. It makes sense borrowers would be concerned to find the lowest interest rate remortgage or mortgage, but there is a catch.

The current boom in the housing market is certainly being sustained because of low interest rates. Home buyers, home movers, and landlords are motivated by the low cost of borrowing despite reports of higher asking prices from sellers. In securing a low interest rate a home buyer could save a substantial amount of money making it worthwhile to take action while rates are low.

The UK housing market has been a bit of entertainment for those watching. It would have been the bet of the decade had someone offered odds on the market outperforming all expectations and actually thriving during a global pandemic. Yes, it has surprised, and not only has it surprised experts, but it continues to cause them to reissue forecasts as the demand pushes strongly onward and upward.

The average asking price on the housing market has increased to £333,564 according to the online property listing site, Rightmove. This is a 1.8% increase, or £5,767, over the average asking price recorded last month. Many factors have come together to create the current boom to the market. One major factor is the strong desire to find the dream home that was imagined during the pandemic and lockdowns. Demand has increased, but supply has remained weak, and that has pushed asking prices upward.

Home buyers have been pushing to get their dream dwelling despite that pandemic lockdowns appear to be a part of our past and not our future. It was during the global pandemic that many found their homes lacked the ability to fill their needs with the new lifestyle they were forced to adapt to or choose due to the circumstances. The desire for better accommodations to work from home, study, do fitness, and fulfill hobbies helped push strong demand onto the housing market.