Positive news for house hunters as property prices reach record high
As reported recently, the demand for new homes is increasing and the average property price has now reached a record high of £320,600. Keebles Senior Associate Bonita Wolfenden, explains why the recent demand is so significant.
“It’s positive news that the demand for new homes has increased to unprecedented levels, along with house prices, which are up 2.4 per cent on pre-lockdown levels. This is a promising sign for the market moving forward after the COV19 lockdown.
It is evident that activity levels are good for both sellers and buyers, with thousands of people searching for new homes and a steady supply of properties coming to market.
In the four weeks after the property market reopened, Zoopla reported a sales leap of 137%, with demand for housing higher in the period since the market reopened than at the start of March 2020.
There’s good news for our region, too – the index of new sales agreed by region appears to be highest in the North and the Midlands.
And this unprecedented demand came before the introduction of the Stamp Duty holiday and other measures, which will only serve to fuel this rapid growth.
The Stamp Duty holiday itself, recently introduced by the Chancellor, will provide a further boost to the market. The scheme is expected to run until 31 March across the UK, with low deposit mortgages now also being made available.
We did not know for certain what would happen to the housing market when we entered lockdown at the end of March, so it’s encouraging that things seem to be back on track after lockdown was eased around six weeks ago.
If ever there was a good time to buy a new home, it is now.”