The stamp duty holiday last year produced bumper demand from home movers now down a third but still above pre pandemic levels.
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Category Archives: First Time Buyers
Asking house prices rise for the sixth record in a row to £369,968 as demand to buy continues although at a slowing rate.
A typical home is 7.1 times average earnings which have risen 2.7% compared to house prices up 16.8% since the start of the pandemic.
House prices in London are up only a third compared to other areas and you can find cheaper homes for commuting to the capital.
In the UK asking house prices have risen to record levels and are £55,000 higher over the last two years before the pandemic started.
After the Bank of England raised base rates to 0.75% lenders have reacted by increasing the cost of mortgages reaching a five year high.
The average value of detached homes has increased at twice the rate of smaller properties to £425,000 with a surge in buyer demand.
Strong bounce back in demand this year up 50% on usual levels as buyers search for more space in cities and suburbs as offices reopen.
Towns with the highest house price growth in 2021 have seen values rise as much as 21.8%, three times higher than the national average.
Higher demand has seen house prices rising 6.9% in the last year following the Covid lockdown with prices starting to ease.