Mortgage Lender Halifax says the average UK house price rose by 7.5% in October 2020 compared to October last year. The Office of National Statistics (ONS) has stated that the average house price in the UK has now exceeded £250k.
What’s fuelling the rise in house prices?
- The stamp duty holiday which is set to end in March 2021.
- The increase in demand for larger homes.
As a result of the lockdown constraints and with the majority working from home, potential buyers are using the stamp duty holiday as an opportunity to reassess their property needs.
Buyers are now looking for larger properties with greater outdoor spaces and the ability to easily accommodate working from home.
Since March 2020 Halifax has recorded an increase of 6% in the cost of a typical detached house. This works out to be an increase of roughly £28k. Compare this with the cost of a flat which has increased by a mere 2% (£2k) on average since March.
There has been a significant demand for properties in the countryside. This is backed by recent statistics shared by London Firm Urban Architecture, who have seen a 65% increase in enquiries for countryside properties. In particular, some buyers are choosing to move back to their rural home towns as the ability to work from home means that they no longer need to be near a city centre.
Hurry..! The stamp duty holiday will be coming to an end in March 2021. Contact Trevlyn Properties LTD today to help find your dream home.