What is the outlook for the housing market?
Compared to this time last year, the value of homes being sold in the UK has practically doubled in the first 15 weeks.
During this period, around £149 billion pounds worth of property transactions have taken place, with industry sources predicting this to climb even higher for the rest of 2021.*
How busy is the housing market to date?
Intense activity has led to there not being enough available homes on the market to keep up with demand, with supply in April nearly 30% below the levels recorded in 2017 and 2019.
How has this affected house prices?
Annual house price growth was at 4% in March, nearly double the 2.1% recorded for the same period last year.
The greatest increases have been seen in the northern regions, in particular: Manchester and Liverpool at 6.5% and 6.3%, closely followed by Leeds, Nottingham and Sheffield with a 5% increase.
However, in London – which is the region with the highest average house price – annual growth was only 2%.
What could this mean for you?
With the search for space remaining a top priority, three and four-bedroom homes are in high demand, with many being sold over their asking price.
This means that homeowners selling a family home have been in a prime position to receive offers in record time, often leading to a shortage of choice for those still looking to buy.
Are you on the lookout for a new property, or just curious to see how much your home could be worth?
Get in touch with a member of our team who will be happy to assist you further.
*Zoopla
This article was originally published by BriefYourMarket and is reproduced here with their permission.
For more company news and insights from Pygott & Crone, click here
Latest news
Fixed-rate products: Comparing terms and understanding market options
Fixed-rate mortgages dominate UK lending markets, offering payment certainty that most borrowers value highly.
Managing rent reviews under the Renters' Rights Act: Process and tribunal risks
The Renters' Rights Act fundamentally changes rent review procedures, limiting increase frequency, strengthening tenant challenge rights, and creating tribunal risks for landlords implementing excessive or improperly procedural increases.
Mortgage costs vs rental costs: The affordability comparison for 2026
The buy versus rent decision affects your long-term financial position significantly, requiring you to look beyond headline mortgage payments versus monthly rent figures.
Outdoor space presentation: What May sellers should focus on
May presents optimal timing for showcasing outdoor spaces with gardens reaching peak condition through spring growth, flowering displays, and lush greenery.
