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House prices – October 2020

 

 

People are understandably concerned with the future of property prices in the current climate with the impact of Covid-19 across the UK. The Government has bought in incentives to help to the property market to continue to thrive such as the stamp duty relief and the release of the new Help to Buy scheme from April 2021. Nationwide’s latest house price index update showed that the annual house price has increased at the highest rate since January 2015 which indicated that the market is still very active.

 

House prices across the UK have continued to rise with the average price for property in the UK at £315,150 in November 2020 according to Zoopla’s house price data. The average house price has increased by 6.26% over the last 12 months.

 

The land registry’s property price update in October showed that mortgage approvals for house purchases climbed to 91,500 in September – the highest level since 2007.

 

A lot of people have been completing home improvements while spending more time at home. With more time being spent in their homes a lot of families are also looking to increase their floor space in their home or to upsize to a larger home.

 

The second lockdown has also seen improved conditions for the property market with Builders, tradesman, Estate agents, New build developers and Surveyors all remaining to work. This will keep the property market thriving and ensure that the house market can continue to move.

 

If you would like to look at moving properties you can submit your details in to our online form today to get an idea or how much you can borrow, the monthly costs, an agreement in principle an idea of the full purchase process.

 

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