House prices surge 7.3% in just one year
According to Halifax, the average UK house price now stands at £249,000; nearly a quarter of a million pounds.
Rising activity in the housing market, post COVID-19 lockdown, has pushed prices up by 7.3% in the last 12 months.
Halifax is the country’s biggest mortgage lender and recently they have seen record numbers of mortgage applications. Both first time buyers and home movers have pushed applications to their highest levels since 2008.
Adding to this positive news, Boris Johnson yesterday announced that he would make more 5% mortgage deals available to first time buyers. Although there are more risks involved with lower deposits, more people should now soon be able to get their foot on the housing ladder.
Demand for mortgages and higher property prices are likely to be a result of pent-up demand after lockdown, as well as stamp duty cuts and home workers looking to upsize.
Sales agreed are also up considerably. BriefYourMarket.com report that properties reaching ‘Sold Subject to Contract’ are up 328% in September 2020.
Benwell Daykin Estate Agents are seeing a huge increase in buyer demand but a lack of new properties coming to market for sale across the whole of Nottinghamshire. This is echoed by the data provided by Halifax. Due to lack of stock, more buyers are competing for the same home and prices are rising.
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