The number of properties being sold above the asking price has hit its highest level in seven years, with house prices jumping £7,000 in just four weeks last month.
The boom has been triggered by Chancellor Rishi Sunak ’s stamp duty holiday but while sellers are cashing in, experts fear a storm is brewing elsewhere.
Kirstie Allsopp said buyers could find themselves in a financial crisis in a few months’ time when property prices cool and interest rates start to creep back up.
She said many buyers may find they have overpaid, and, worse, that they cannot afford the repayments. The property expert said the stamp duty holiday has created a mini housing boom as the government had hoped.
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