LONDON, Jan 2 (KUNA) -- Economic data showed on Thursday that UK house prices ended 2024 on a strong footing, up 4.7 percent compared with December 2023.
A report by Nationwide Society indicated that the rise of price average reached GBP 269,500 (approx. USD 337,000).
Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers.
A lack of certainty over interest and mortgage rates, as well as changes to stamp duty, could make 2025 difficult to navigate for buyers and sellers.
House buyers will start paying stamp duty on properties over GBP 125,000 (approx. USD 156,000) instead of over GBP 250,000 (approx. USD 312,000) at the moment.
First-time buyers currently pay no stamp duty on homes up to GBP 425,000 (approx. USD 531,000) but this will drop to GBP 300,000 in April. (end) mrn.aai