House prices for the first time in 2021

House prices in the UK have fallen for the first time this year, according to property portal Rightmove, which said that the average price of a property coming to market fell by 0.3 per cent in August, and is now £337,371, a drop of £1,076.

The Guardian reports that the fall in price has been prompted by the end of the stamp duty holiday and a subsequent decline in demand for bugger homes.

“Average prices have only fallen in the upper-end sector,” said Tim Bannister, Rightmove’s director of property data.

However, there is still high demand for properties aimed at first-time buyers and those looking for their next step on the property ladder, the ‘second-steppers’, which has led to record prices in those sectors, according to Bannister.

Rightmove figures revealed there was a 0.8 per cent drop in the four-bedroom-plus sector, but new record price highs in the two-bedroom sector, up by 0.6 per cent, and three to four-bedroom second-stepper-type properties, up by 0.3 per cent.

Experts have pointed out that the summer holidays usually leads to a slowdown of activity in August, and many people had been expecting a decline in demand.

Rightmove has suggested that more properties will be coming to the market once homeowners have more clarity over their employers’ long term aims for the balance between home and office working.

“Their future housing needs are hard to scope out if it’s still uncertain whether the daily commute is soon going to return,” said Bannister.

“If it’s going to be less restrictive in the long term, then that means less need to live close to transport networks and a greater need for home working space.”

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