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House Price Boom Continues In UK

The exceptional pace of the housing market in the UK has continued with new records being broken in terms of average price, average sale time and number of sales agreed.

The average price of a house coming to market in the UK has increased by over £3,500 to £323,530, according to Rightmove’s October House Price Index is a national record.

For estate agents in Hackney Central, house prices have increased by 18% year-on-year for an average of £656,980.

The boom is a result of a massive increase in demand, both pent up due to delays caused by a national lockdown, as well as the current circumstances incentivise commuters currently working remotely to relocate.

The speeding up of the market is so significant that more properties have been sold then are available for sale, with an average time to sell of 50 days, both all-time records.

Whilst the latter half of the year has been strong, there has been speculation about how long it can last, with a potential stopping point being the end of March 2021.

One of the main catalysts to people choosing not to wait is a reduction in stamp duty which is set to end on the 31st March.

Because of this, the likely stopping point assuming no additional government intervention is early February, as buyers, sellers and intermediaries alike will need to at least start the conveyance process to ensure everything is completed before the deadline.

Concerns about the overall economy as a result of the pandemic may also affect sales, although currently, that has not had an effect.