House costs have risen quickly because the begin of the pandemic as folks have sought extra space and brought benefit of tax breaks on shopping for a house.
On the similar time, households work in the course of the pandemic have spent much less cash, permitting people who have nonetheless been in work to avoid wasting up for a deposit.
After the property market was briefly paused in March final yr, exercise surged, with the variety of gross sales reaching a brand new document excessive.
The typical sale worth of a house in England jumped 10.2 per cent in a yr from the beginning of the pandemic in March 2020.
Consultants have recommended that the newest knowledge signifies some early indicators the housing market could also be cooling however a lot uncertainty stays.
Nonetheless, with rates of interest remaining very low, some analysts are predicting that costs are set to proceed on a seemingly relentless upward march.
The scenario additionally raises questions on how sustainable it’s for property costs to rise quicker than wages.
All of those elements imply there’s heaps to contemplate for anybody considering of shopping for or promoting a property.
Watch the total interview within the video beneath
Housing knowledgeable takes readers’ questions on UK property market
Tim Bannister, director of property knowledge at Rightmove, answered readers’ questions on what’s impacting the market in the intervening time and what could be coming additional down the road.
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