10:04 AM, 21st December 2020, About 2 years ago
Hometrack have released their latest House Price Index confirming their latest data for November indicating it has been a rollercoaster of a year with demand set to be up 33% compared to December 2019. Click here
The Pandemic has driven demand for space and quality of location, with 40% more buyers across the whole of 2020 compared to 2019 and increased activity at higher price points means the value of homes selling is also 26% higher than in 2019.
The annual rate of UK house price growth has increased to +3.9% in November, up from +1.3% a year ago. The 3-month growth rate hit its highest point of 2% in September, but has slowed, suggesting annual growth will start to plateau in the first quarter of next year.
“The impetus for house price growth is coming from northern England and Wales where affordability remains less of a barrier to price growth. Average prices in the North West are increasing at 5% followed by Wales and Yorkshire and the Humber (both 4.9%).
“At a city level, Manchester is registering growth of 5.7% followed by Leeds, Nottingham and Liverpool all recording growth over 5% per annum.”
Demand for family housing with gardens, parking and extra space to work from home has continued to increase and flat purchasers are prioritising properties with private outside space. However, not all properties can meet this requirement which is then reflected in pricing levels and the time to sell.