Housing market continues to BOOM!
Housing markets are flourishing, with many agents experiencing high levels of demand and houses being sold on a best and final offer basis in much of the UK. Following the UK Government budget at the start of March, the latest figures show strong growth within the market.
Agents around the country have reported extremely busy housing markets, with many bracing themselves for increased activity as we move through the Easter period as the Government start to loosen restrictions.
The pandemic continues to affect processes involved in transactions, as concerns about Coronavirus mean that vendors look for ways to sell with minimal viewings. The trend highlights the importance of prospective buyers registering their requirements with estate agents as many properties are receiving interest before they are listed on property portals.
The latest statistics from Zoopla show the benefits of extending stamp duty, with 500,000 people expected to benefit from the Government’s decision to move the deadline to the end of June.
House prices were above 4 per cent for the fourth month in a row, the first time this has happened since 2017. While the figures were positive, there were some regional differences across the country.
In the weeks following the budget, demand was 80 per cent higher than at the same time last year. Performance was particularly strong, with the figures for January to March 2021 showing the total level of demand to be 13 per cent higher than the average for the whole of 2020.
The trend towards properties with more space continued, with demand for 3-bedroom properties seeing the biggest post-budget bounce.