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The current state of the UK housing market

September 18, 2020

The impact of COVID-19 has led to widespread uncertainty. The introduction of the country-wide lockdown in March 2020 brought much of our ‘normal’ life to a complete halt – including the housing market. With buying, selling and even viewing property put on pause for months, it was difficult to predict what the housing market would look like six months later. But now, in September, this is what the picture currently looks like.

Housing prices remain stable

The latest House Price Index by Zoopla has found that house prices are set to remain stable for the remainder of 2020. As a result of the Government’s support for the economy, it is predicted that house prices will end the year 2-3% higher than that at the start.

Increasing demand for houses

The average property price across the country is currently 2.5% higher than last year, with an increase in buyer demand being +34% at the start of 2020. So much so that across all regions in the UK, the average time to sell a home has reduced by 31%, with three-bedroom homes averaging at just 24 days to sell since lockdown was lifted. So, if you’re looking to sell your home then now may be a good time to get moving for a quick sale.

This increase in demand and reduction in sale times are a direct result of the Chancellor of the Exchequer’s introduction to the Stamp Duty ‘holiday’. This scheme, which is due to end on 31st March 2021, creates the perfect opportunity for those looking to move to take advantage in the elimination of tax to pay. Similarly for those considering selling; the slight increase in prices and notable increase in demand makes now an opportune time to put your property up for sale.

Next steps

Here at bpl solicitors we work with you. We’ll ensure you’re kept up to date with timely advice and updates on the process of your purchase or sale. We are busier than ever, but rest assured we will always have the time to help you. Whether you’re just getting on the property ladder, buying, or selling, our expert team are here to advise you from start to finish. Contact us today at 0333 370 4300 or email info@bplaw.co.uk.

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