The government has been warned that its much-talked about levelling up agenda is ‘doomed to fail’ without major reform of the property tax system.  

The national average price of property coming to market has hit an all-time high, rising by 0.3% (£1,091) last month, to £338,462, according to data collected by Rightmove.

The government has set in motion a Parliamentary procedure meaning the notice periods for evictions in England return to normal from October 1. 

The very strong housing market seen throughout this year is set to extend into 2022 as a stock shortage is forecast to continue.

Annual house price growth in August rose to 11.0% from 10.5% in July with the average property now costing £248,857, according to Nationwide’s latest house price index.

Almost £730 billion of equity is available in British homes – a record figure.

The cost of the average UK city home has now reached 8.1 times average earnings for those living in cities, up from 5.6 times in 2011, according to data from Halifax.

Potential sellers are wary of putting their properties on the market without somewhere to move to because of a lack of available stock – compounding the issue.