The Residential Property Market is Still Seeing Continuing Growth
Britain’s property market is still seeing a continuing growth, even after the end to the Stamp Duty Holiday, compared to previous years according to new data from both Zoopla and Rightmove.
Zoopla has seen a total value of homes increase by 20% in the past five years since 2016 and more interestingly in the past year. The soaring demand for homes during the pandemic has contributed to a third of this increase, with £550bn of the £1.6bn increase over the five years being from the last twelve months. The sustained property price growth has been underpinned by low mortgage rates and further boosted in the last year by increase demand and limited supply – perhaps caused from the pandemic allowing many to re-evaluate what they would like from their home.
In October, every region of Britain saw residential asking price records being broken, with the national average increasing by almost £5,000, according to Rightmove’s monthly house price index. The last time the record was broken was back in March 2007 and for the time of year, the last biggest increase was in October 2015. The North West and Wales saw especially strong growth with combine asking price growths at 2.3% with figures reaching £232,639 and £237,830 respectively.
Tim Bannister, Rightmove’s director of property data, said: “Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up. Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second-stepper and top of the ladder hitting all-time highs.
This ‘full house’ is an extremely rare event, happening for the first time since March 2007. The stock shortages started after the first lockdown, and they look set to continue with the underlying housing market fundamentals remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.”
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