March Market Update
As we look back on Q1 in 2021 we’ve seen some significant changes in the property market. Confidence amongst buyers has rebounded with the Chancellors changes in the budget earlier this month.
UK residential property remains a solid investment option as volumes matched 2018’s all-time high, reaching £6.1 billion in 2020. We expect that figure to be higher this year
Rightmove reports that the current market is the strongest property market for sellers in the past 10 years with a 34% rise in the number of people enquiring about each property.
Reports from Zoopla shows the annual rate of change in house prices are at near decade-high levels in the Midlands and the North.
In contrast, the level of price growth in the South of England is lagging slightly, and relatively muted compared to longer-term trends, reflecting affordability factors.
As the supply of new homes continues to fall we are witnessing an upward pressure in growth across the UK. The lockdown is pushing demand for space even higher as families seek larger homes, resulting in houses selling faster than apartments.
The announcement of the stamp duty holiday extension created a 24% spike in demand, combined with the introduction of 95% mortgages, more first time buyers are now entering the market.
If you would like to talk to one of our investment advisers please contact us on admin@hoxton-property.com
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