Last July, Chancellor Rishi Sunak announced a stamp duty cut designed to bolster the property market.
He raised the threshold on which you paid the tax from £125K to £500K.
That cut has now lasted over a year – and new figures have shown that the decision has seen house prices rise fast in York’s already heated property market.
And one area of North Yorkshire has seen the biggest house price rise of all.
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Research by online property platform Twindig has revealed the house price rises since the stamp duty holiday began for every local authority.
And in York, the average house price has risen by £36,591 to £295,786 – a 14.1% rise in a year.
That puts it at 49th in the table of 376 local authorities in terms of a cash rise.
But the biggest percentage rise in the country is in Richmondshire – average house prices in the area which includes Swaledale, Wensleydale and Coverdale have gone up by 29.4%.
That takes the average house price up by £62,632 to £275,968.
Scarborough house prices are up by almost a fifth, and in Hambleton the price rise is 15.4%.
Only Ryedale and Craven have seen single-digit percentage increases.
North Yorkshire house price rises since June 2020
| Area | % change | £ change | Average price |
|---|---|---|---|
| Richmondshire | 29.4 | £62,632 | £275,968 |
| York | 14.1 | £36,591 | £295,786 |
| Hambleton | 15.4 | £35,162 | £262,923 |
| North Yorkshire | 14.6 | £32,188 | £252,638 |
| Scarborough | 19.2 | £31,686 | £196,464 |
| Ryedale | 9.5 | £23,568 | £271,303 |
| Selby | 10.7 | £21,718 | £224,954 |
| Craven | 6.2 | £13,868 | £237,522 |
Nationally, some of the biggest house price losers were in London boroughs like Southwark, Hackney and Westminster.
Twindig said: “Perhaps this is indicative of the pandemic penchant for working from home or the race for space as we were all locked in our homes.”