Activity levels in the property market reached new records in September as the market continues to recover from the impact of the coronavirus pandemic, according to the latest research.
Data from Rightmove found that activity levels hit three new records, with the average property price increasing by 1.1 per cent to an all-time high of £323,530.
This figure is 5.5 per cent higher than the same period a year ago, which represents an increase of £16,818 in the average property price.
This represents the highest annual growth rate for more than four years, with experts pointing to a combination of pent-up demand from the enforced halting of the property market due to the coronavirus pandemic and an increase in new demand.
Rightmove is now forecasting that annual house price growth could reach seven per cent by the end of the year, revising their initial forecast from December 2019 of two per cent annual growth, given the significant change in the economy and environment this year.
Tim Bannister, Director of Property Data at Rightmove, said: “Many buyers seem willing to pay record prices for properties that fit their changed post-lockdown needs, though agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking.”
Experts have also pointed to the stamp duty holiday as one reason why the property market has continued to thrive, with people looking to take advantage before the 31 March deadline, while many reconsider their property needs with many working from home and spending a significant amount of time around the house due to lockdown restrictions.
For help and advice on matters relating to property law, contact our expert team at Mackrell.Solicitors today.
Latest posts by Admin (see all)
- Property market activity spikes as latest figures reveal positive recovery - October 28, 2020
- Football clubs begin furloughing staff as a result of COVID-19 - May 1, 2020
- Self-Isolate, Don’t Violate! - April 12, 2020