Recent surge in market activity driven by tax changes

There was a surge in the number of residential property transactions in March (which includes mortgaged and cash purchases) ahead of the introduction of the additional stamp duty land tax levy on second properties from 1 April 2016.

There were 165,400 transactions in March, an all-time high, some c11% higher than the previous peak of c149,000 recorded in January in 2007.

Robert Gardner, our Chief Economist, comments on the figures in our latest House Price Index report which also includes estimates from the Council of Mortgage Lenders.

Nationwide's April House Price Index report

House Price Index Headlines Apr 2016 Mar 2016
Monthly Index* 402.5 401.5
Monthly Change* 0.2% 0.7%
Annual Change 4.9% 5.7%
Average Price (not seasonally adjusted) £202,435 £200,251

*Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)