Berkshire’s house prices have rocketed during the pandemic, with some areas £30,000 higher than they were a year ago.
The area follows the national trend, which has seen prices soar due to the impact of the pandemic and stamp duty cuts leading to higher asking prices.
The top area was West Berkshire, the average home cost £372,922 in June this year.
READ MORE: Property price rises cooling in many regions as stamp duty reduction nears end
That is a 9.8 per cent rise than the £339,701 seen in June last year, new figures from the Office for National Statistics show.
In Reading, prices were up by 4.5 per cent from £283,625, meaning homes are worth £12,636 more than last year. The smallest increase was in Bracknell Forest, where prices rose by 2.3 per cent from £338,644 to £346,438.
Nationally, average house prices increased by 13.2 per cent over the course of the year to June 2021. This is the highest increase the UK has seen since November 2004.
It means the average national price is a record £266,000, up by £31,000 compared to this time last year.
Growth was strongest in the north-west where prices increased by 18.6 per cent. The lowest was in London, with 6.3 per cent.
Stamp duty cuts were put in place during the first lockdown in 2020, and the ONS suggests the changes may have allowed sellers to request higher prices as the buyers’ overall costs are reduced.
The suspension came in England in July 2020 and means properties up to the value of £500,000 would incur no tax, while the threshold for Scotland and Wales was £250,000.
The tax holiday is set to end in England on September 30.
The figures also show that demand for detached homes rose nationally by 15.6 per cent, with a 13.5 per cent rise for semi-detached homes, and a 14 per cent rise for terraces. Flats only saw prices rise by 8.4 per cent over the year.
Analysis by the Bank of England shows there was strong demand for housing across the UK.
A shortage of homes for sale has also pushed up prices.
The Royal Institution of Chartered Surveyors said June was a strong month for sales, but new buyer demand eased as stamp duty holidays began to end.
Signing up to the BerkshireLive newsletter means you’ll receive our daily news email.
It couldn’t be simpler and it takes seconds – simply press here, enter your email address and follow the instructions.
You can also enter your address at the top of this page in the box below the picture on most desktop and mobile platforms.
Changed your mind? There’s an ‘unsubscribe’ button at the bottom of every newsletter we send out.
You can also sign up to our website and comment on our stories by pressing here and signing in.
House price increases in Berkshire
Bracknell Forest
Average Price June 2021: £346,438
Average Price June 2020: £338,644
Percentage change: 2.3
Reading
Average Price June 2021: £296,261
Average Price June 2020:£283,625
Percentage change: 5.7%
West Berkshire
Average Price June 2021: £372,922
Average Price June 2020: £339,701
Percentage change: 9.8%
Windsor and Maidenhead
Average Price June 2021: £494,064
Average Price June 2020: £466,463
Percentage change: 5.9%
Wokingham
Average Price June 2021: £440,117
Average Price June 2020: £417,001
Percentage change: 5.5%
Slough
Average Price June 2021: £304,062
Average Price June 2020:£287,755
Percentage change: 5.7%
Credit: Source link
