Money Tips Daily By Charles Kelly, Former Ifa And Author Of Yes, Money Can Buy You Happiness.

UK House prices dropped by 0.5% in June just as the long stamp duty holiday began to be phased out, according to the Halifax. Annual property prices still rose 8.8%, resulting in average prices more than £21,000 higher, which is more than most people saved on stamp duty in the mad scramble to buy a home. The average price of a UK property according to the lender is now £260,358. The Government removed the need to pay stamp duty on some properties for much of the pandemic in a bid to stimulate the market in England, Wales and Northern Ireland. The move worked, but critics argue that it caused price inflation and could created a property bubble if demand falls. Mortgage lenders, like the Halifax and Nationwide, long with estate agents are confident that, "The power of home movers to drive the market won't fade entirely as the economy recovers”. Demand remains high among buyers seeking larger family homes with the average price of a detached property climbing faster than any other type over the past 12 months -