Property: House prices in the United Kingdom have reached a new high of £230,700, up 30 percent from the 2007 market top.
HOUSE PRICES IN THE UK HAVE REACHED A NEW HIGH OF £230,700, a stunning 30% higher than the 2007 housing market peak. According to the most recent Zoopla data, above-average activity levels “will persist.”
The monthly house price index from Zoopla, the UK’s top property portal, was issued today. According to the site, property prices increased by 5.4 percent year over year in June, which is more than double the rate of rise seen a year ago. When the stamp duty threshold was cut in June, the housing market was expected to slow down.
However, it appears that current house price growth is aided in part by a concerning shortage of available properties.
In fact, according to the site, the number of homes for sale fell by 25% in the first half of this year compared to the same period in 2020.
Since January 2021, demand has outstripped supply, and the imbalance appears to be set to continue in the future months.
Currently, transaction volumes are 22% higher than they were in 2020.
However, after the stamp duty vacation threshold was cut on June 30, buyer demand fell by 9% in the first half of July.
However, when comparing 2017 to 2019, it is still up by +80%.
Northern Ireland and Wales, with growth rates of +8.6% and +8.4%, respectively, have the greatest rates of growth.
House price rise in England was highest in the North West (+7.3 percent) and Yorkshire & the Humber (+6.8%), with London trailing behind with only +2.3 percent yearly growth.
House prices are expected to rise by 6% in the next months, according to Zoopla.
Although, as the stamp tax threshold continues to be dropped and government support diminishes, this may ease by the end of the year.
Family homes, unsurprisingly, have proven to be the most popular property type, with demand at +114 percent over typical market circumstances.
Demand has risen for all types of homes, from terraced to detached.
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House prices have increased by +7.3% in the last year due to the “desire for room.”
However, demand for flats has remained low, with only a 1.4 percent increase in growth.
“Brinkwire Summary News,” by Grainne Gilmore.