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.
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