House prices rose to a new high in August after the biggest monthly rise in 16 years according to figures released by Nationwide.
Leeds was amongst the cities seeing the biggest annual percentage change with August year on year prices up by 3.6 per cent. The increase across Yorkshire and Humber generally was 3.2 per cent.
These figures continue the upward trend witnessed in July which has seen the property market enjoy a record breaking period, with the average house now costing approximately £224,000.
Meanwhile property portal Rightmove say that August saw the highest number of houses put up for sale for more than a decade.
Demand for property remains extremely high which means people looking to sell could well achieve the dream combination of a quick sale at the asking price or, in some cases, above it.
Ben Furnell, Managing Director of Furnell Residential, said: “It is certainly a good time to be a seller with demand outstripping supply. August was a record month for us in terms of sales and we also booked over 400 viewings which smashed our previous best month by 150!
“However this unprecedented situation and mini-boom will not last as the effects of the pandemic really start to bite and will inevitably lead to more job losses which in turn will hit consumer confidence.
“The change to stamp duty has also been a positive initiative which may well have encouraged buyers into the market, but that is also due to finish at the end of March next year.”