The momentum of the housing market is set to continue through to January 2021, as house prices increased significantly in 2020.
According to Rightmove’s December Price Index, the average house price increased by 6.6 per cent throughout the year compared to 2019’s average house price, to end at £319,945.
For Hackney estate agents, the local market also saw significant growth, with prices increasing a massive 17 per cent compared to 2019 for an average price of £661,476
After a month of difficulties in April as a result of a national lockdown closing several estate agent offices, the market adapted quickly to the new norm, and a developing pent up demand, combined with a reduction in stamp duty helped to create a burgeoning housing market.
Demand has remained strong since May, with relocation being a priority for many buyers. Currently, 650,000 sales are in the conveyancing process and with January being the last plausible time to complete a sale before the 31st March deadline, the market is set to be even busier.
Buyer demand has continued to remain high, with 53 per cent more house-hunters than this same time last year, which suggests that whilst house prices may not grow at the same unprecedented rate in 2021, there is sufficient demand and interest for continued strong growth.
The year 2021 is expected to be a fresh start for many people, both in and out of the housing market, and it remains to be seen what the future will bring.