Buyer demand for UK property is showing no signs of abating as we head into the summer months, with one comparison site using conveyancing quote data to predict a house price spike of 2.9% in June and 3.7% in July, based on springtime sales agreed1.
A 14-year high
House price growth continues to rocket as a result of the ongoing property boom, with the Office for National Statistics (ONS) revealing March 2021 prices were a staggering 10.2% up on the previous year – a rate last seen pre-financial crisis in 2007.
An extended Stamp Duty holiday in England and Northern Ireland, in addition to the new mortgage guarantee scheme and changing property priorities (for example gardens and home offices), are all behind this rocketing buyer demand.
2021 – a record-breaking year?
2020 was a year of records, and 2021 looks set to achieve the same. In addition to record growth, this year could be set to be the busiest for many years, with 1.5 million homes predicted to change hands2 – equating to £461bn of sales. If this prediction is accurate, sales are set to be 46% higher than last year and 68% higher than 2019! Again, this would make 2021 the busiest year for property since 2007 – and one of the top 10 busiest years since 1959.
Yorkshire and the Humber, Wales and the North West are currently seeing the fastest sales (10-15 days), making them the top summer hotspots for property transactions. By contrast, London is seeing more sluggish movement, with a property taking two months to sell on average.
Speak to us
Mortgage choice is only getting wider as lenders return to the market, so if you have a summer of house hunting ahead of you then speak to us. We can help you assess which of the many mortgage options – and protection products – may be the most suitable for you.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.