House prices across England and Wales saw a 1.4% monthly drop in August, according to the latest e.surv Acadata House Price Index.
August also saw annual house price growth for England and Wales slow to 5.0%, having sat at 8.1% in July.
The figures left the average price of a house across the English and Welsh markets to sit at £328,434 during August.
e.surv director, Richard Sexton, highlighted that market activity was expected to be dampened by the stamp duty relief taper in England at the end of June, and described the resilience of house prices as “surprising”.
“We may conclude therefore that the continuing stamp duty holiday may be influencing prices at specific points,” Sexton said.
“Any reduction in prices has been at the top end but we continue to have good demand from those buyers seeking to secure properties priced between £125,000 and £250,000 as their stamp duty relief remains in place until the end of September.”
e.surv’s data also indicated that in terms of property types, the percentage price growth of detached, semi-detached and terraced homes has seen a broadly similar upward trajectory over the last couple of years.
Sexton noted that the average prices of detached and semi-detached homes have been growing at a rate more than 10.0% for all bar the latest two months of 2021.
He added: “Some believe that the end of the stamp duty holiday at the end of September might soften increases further but the real unknown is the impact of the withdrawal of government support such as furlough; however, on the evidence to date, the employment market has remained remarkably resilient.”
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