News
#1 What’s happening to the house prices across England?
According to Grainne Gilmore, head of research of Zoopla, house prices are increasing at around 4% a year. The price growth is due to the rise of demand in some areas of the country, despite the national lockdown. The rate growth ranges from 2.8 percent in the east of England to 5 percent in the north of England.
According to the Zoopla house price index, the annual price growth will increase to 5% and it will remain for the three months of 2021.
#2. Why there was a high demand for housing despite the Covid-19 situation?
According to Gilmore, the housing market was one of the bright spots in the economy in 2020. The lockdown and the restrictions led a lot of people to spend more time at home than usual. This stimulates home moves and a drive for them for more space such as office space or extra bedroom.
According to Zoopla’s data, there were 9% more sales agreed on 2020 than in 2019. And will legally complete on a sale on the first quarter of 2021. And the total monetary value of sales in 2020 is 26 percent higher than the year 2019. As some first-time buyers have been hit by many lenders pulling their mortgages for the borrowers with little deposits.
#3. What is the most sought-after type of property?
According to Zoopla House Price Index, the value of houses increases twice as much as flats, the average increase for houses is at 4.3% while for the flats is 1.8%
With the stamp duty holiday about to end on 31st March 2021, the activity for the housing market is expected to intensify as buyers focus their efforts on securing savings on tax.
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Reference:
Zoopla. 2021. Q&A: 'With the stamp duty holiday due to end in March, we expect to see this housing market activity intensify' [online]. Available from: https://www.zoopla.co.uk/discover/property-news/hpi-november-housing-market-update/ [Accessed 10 February 2021]
