PROPERTIES in Wokingham have seen their asking price dip slightly according to new figures released last week – but in Reading, there was a slight increase.
Estate agent comparison site GetAgent.co.uk says prices across many areas of the property market have fallen in the wake of the initial stamp duty holiday deadline at the end of June.
The firm looked at the asking price in June, when properties under £500,000 were exempt from stamp duty, and July, where the tax was partially reintroduced: the first £250,000 is exempt from stamp duty until September 30, when the threshold goes back to £125,000.
GetAgent.co.uk says after months of house price growth hitting record highs, asking prices in England saw growth of just 0.1% between June and July, with the average asking price increasing by just £277 to £336,019.
However, the analysis shows that as many as 46% of areas saw the average asking price decline. The steepest decline was in Copeland, Whitehaven, where it fell by -10.6% in a single month.
Gateshead also saw one of the largest declines in asking prices, down by -8.4% between June and July.
A small decrease was experienced in Wokingham. In June, the average asking price was £470,183, while in July it was £469,042 – a change of -0.24%.
The decline was slightly larger in Bracknell. In June, the average asking price was £430,460, but £429,179 in July, a change of -0.30%.
Only in Reading was there an increase of 0.14%: the average asking price was £354,858 in June and £355,346 in July.
Founder and CEO of GetAgent.co.uk, Colby Short, said: “The Stamp Duty holiday has been fuelling an incredible rate of house price growth pretty much since its introduction.
“While it isn’t the primary motivation for buying a home, we’re certain to see some degree of downward correction as both extended deadlines expire.
“In this case, the first deadline at the end of June led to an abrupt reduction in asking prices across many areas of the market.”
He said this was because sellers could no longer “chance their arm” to cash in on buoyant market activity driven by buyers with “a little extra cash in their pocket” during the negotiation stage.
