How much have house prices risen this year?
It’s no secret that the property market has witnessed many unexpected trends this year, largely due many home-movers reprioritising their housing needs since lockdown.
We’ve seen a big rise in demand for rural areas, we revealed that people feel most content living on the coast, and there’s been a huge uptick in people looking for properties with home offices.
However, amidst all the new trends that’ve unfolded in 2020, we’ve seen more home-hunters looking to move than ever before.
In fact, the unanticipated market momentum of this year has led to average asking prices finishing 6.6% up on 2019.
Despite a small monthly fall of 0.6%, average asking prices across the nation have risen £19,920 to £319,945 over the past 12 months.
The stamp duty holiday has undoubtedly added some extra momentum, but buyer demand was already very high prior to its announcement in July, and remains remarkably resilient at 53% higher than this time a year ago, despite the decreasing likelihood of completing a purchase by 31st March if it is agreed now.
Demand has therefore exceeded supply in 2020 with the number of properties coming to market for the year to date down by 0.6% on the same period in 2019, and the number of sales agreed up by 8.3%.
As a consequence the number of available properties for sale is at a record low, indicating scope for some further modest price increases overall in 2021.