Current Trends in the Housing Market – *2021 Edition*

Trends in the housing market

Regardless of whether you are a first-time buyer or a multi-property investor, having an insight into the current state of the market can be an invaluable asset to any prospective homebuyer. However, due to the fast-moving nature of the property market, it can be easy to overlook some of the key points or get lost in the details. That is why the team here at White Horse Surveyors, have put together the following article, to summarise four of the biggest trends in the housing market as well as predictions from experts in the property industry…

1) 13% increase in growth rate during June

According to Nationwide, this growth in house prices (based on their mortgage levels) is the highest properties have been since November 2004.

2) 8.8% increase in house prices since April

Recently the Office for National Statistics has revealed that the growth seen in the latter half of 2020 has continued into 2021. Although this is down from 9.9% in March 2021.

3) The average house price is now £245,432

The Building Society has found that this has risen from £216,403 in June 2020. Setting a record for average prices in the UK.

4) The average sale takes 41 days to agree

According to Rightmove, these new figures represent the lowest time to complete a sale since the pandemic began in March 2020.

Impact of Stamp Duty Holiday

Much of the recent surge in interest is due to the recent Stamp Duty Holiday. More specifically, the recent changes to the scheme in recent weeks has had a significant impact on buyers and their purchases.

To learn more about the Stamp Duty Holiday, simply check out our blog on the topic here.

Predictions for the Future

Despite the upcoming deadline for Stamp Duty, many experts are predicting that the current trends will continue throughout the year. Savills are forecasting that house prices will continue to rise throughout the year, potentially by as much as 4%.

This is primarily because the demand for houses has not been supplemented by an equivalent number of new homes coming on to the Market. Leading to a significant disparity between the supply of property and demand from buyers.

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