UK property prices reach new highs, but London dropping as buyers move outwards

UK house prices went up again in October, at the fastest rate for five years, as buyers scrambled to beat next year's stamp duty deadline, the Nationwide Building Society reports. Annual house price growth rose to 5.8% and the average price is now £227,826. A similar survey by the Halifax show an even higher annual growth rate of 7.3% For the next five months, buyers of properties valued at up to £500,000 in England and Northern Ireland will not have to pay stamp duty on the purchase. Second home buyers and buy-to-let investors will still have to stump up the 3% tax grab surcharge. How long will the boom last? Booms are usually followed by bust, something which has not escaped the attention of the Bank of England. Official figures released by the central bank this week revealed that home-buyer mortgage approval climbed to a 13-year high in September. There are fears that the market is heading for a cliff-edge with potential buyers possibly pulling out of transactions in 2021 if they cannot meet the stamp duty deadline. The BBC reports that NAEA Propertymark has called for action to avoid the cliff-edge by extending the deadline. As the current furlough scheme comes to a close unemployment figures could rise rapidly leading to lower buyer demand and rising repossessions. A second wave of Covid 19 is sweeping the country forcing regional lockdowns and restriction, which could stall economic recovery. More articles and money news available at Money Tips Podcast - www.moneytipsdaily.com Are you ready to adapt to the new economic model? As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution? By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast. There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook. If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected] send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com Heal your money wounds the Japanese way with Ken HondaJapan’s #1 bestselling personal development guru. Ken will take you on a journey where he will teach you the Japanese art of healing your money wounds and making peace with your money. Too often, money is a source of fear, stress, and anger, often breaking apart relationships and even ruining lives. We like to think money is the centre of our lives and everything depends on our financial status, but Ken challenges our beliefs to install more liberating perceptions of money and delivers concrete tools that have the power to change your life. Click to join his free masterclass – Click: https://bit.ly/2GqyYki