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Blog November 9, 2020
     

UK property market moves towards winter with momentum, study reveals

Activity in the property market continues to rise throughout the colder months despite Covid-19 interruption, a major study has revealed.

The research, published by The Guild, a national group of property professionals, shows that the market has moved into autumn and approaches winter with momentum behind it.

According to the report, buyer demand has soared by a third (34 per cent) compared to a year ago, while supply to the marketplace is at its “highest level since March 2008”.

Property sales were also moving in the right direction, with online marketplace Zoopla revealing that over 81,000 property sales were recorded in August – up 16.5 per cent compared to July.

The study also shows that one in eight properties are now selling at or above asking price, with “large properties and those with gardens proving immensely popular” as buyers’ priorities shift during the coronavirus lockdown.

Price growth across all regions is also moving in a positive direction, although the East Midlands and the North West have benefited most from the “summer mini-boom”.

The lettings market, meanwhile, has received a sizeable boost in interest, resulting in average rental values across the UK rising by 1.5 per cent in the year to August 2020.

Commenting on the figures, experts attributed the momentum to record low interest rates and the Chancellor’s Stamp Duty Holiday, bringing previously unaffordable properties into the scope of buyers.

For more advice on buying, selling or renting a property, please get in touch with our expert team today.

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