The average UK property price has risen by 8.6%, which is roughly £20,000 in the past year. This is the highest annual rate since 2014 according to the Office for National Statistics.
Over the year, house prices in England increased to £268,000 (up by 8.7%), in Wales to £180,000 (up by 8.4%) and in Scotland to £162,000 (up by 8%).
The North West was the region that saw the highest annual growth in average house prices (11.9%), while London recorded the lowest positive growth (4.6%).
The figures reported by HM Revenue & Customs show that sales in March this year more than doubled from March in 2020.
It is estimated by HMRC that 190,980 sales took place in March 2021, a 202.3% increase in transactions compared with the previous year at 94,380.
Despite the tapering of the stamp duty holiday later this summer, it has been predicted within the sector that the high demand levels we’re seeing will continue to propel activity and protect property prices.
The vaccine roll out and easing of lockdown restrictions have led to dramatic changes to consumer confidence within the UK, supporting this expectation for the housing market.
If you’d like to review your options buying or selling this year, talk to us today.