Whether you’re a first-time buyer or a multi-property investor, having an insight into the current state of the market can be an invaluable asset to any prospective homebuyer.
However, due to the fast-moving nature of the property market, it can be easy to overlook some of the key points. That is why we have put together the following to summarise some of the biggest and most recent trends in the housing market in 2021.
- 13% increase in growth rate during June
According to Nationwide, this growth in house prices (based on their mortgage levels) is the highest properties have been since November 2004.
- 8.8% increase in house prices since April
Recently the Office for National Statistics has revealed that the growth seen in the latter half of 2020 has continued into 2021. Although this is down from 9.9% in March 2021.
- Properties sold within an average of just 45 days
Properties sold within an average of just 45 days in the first two weeks of April 2021, which is faster than we have ever recorded at Rightmove. Almost 23% of properties that had a sale agreed in March 2021 had been on the market for less than a week.
Impact of the Stamp Duty Holiday
Much of the recent surge in interest in the housing market is due to the recent Stamp Duty Holiday. More specifically, the recent changes to the scheme in recent weeks has had a significant impact on buyers and their purchases.
To find out the most recent update on the stamp duty holiday, click here.
Predictions going forward
Despite the upcoming deadline for Stamp Duty at the end of September, many experts are predicting that the current trends will continue throughout the year. Research is forecasting that house prices will continue to rise throughout the year, potentially by as much as 4%.
This is due to the rise in demand for homes, which has not been supplemented by an equivalent number of new homes coming on to the market. This is leading to a significant disparity between the supply of property and demand from buyers.
If you are buying or selling property and want professional advice on financing or protection, please do not hesitate to contact our team.
