The housing market proved one of the highlights of the economy in 2020, defying expectations and staging an extraordinary recovery. As we head towards spring 2021, market conditions are beginning to soften but with lifestyle change continuing to drive demand, the market remains busy.
Sales were up by 12.1 per cent in London, 11.1 per cent in the South East and 9.5 per cent in the South West in the last 12 months, year on year.
With a significant number of sales in the pipeline, many hoping to complete before the end of the March SDLT deadline, activity in the market remains brisk. Demand exceeding supply has undoubtedly helped support prices. At 7.6 per cent, UK house price growth is at its strongest since June 2016 and the EU Referendum. The average price of a prime market property now exceeds £1 million, up over 9 per cent year on year. Price growth is evident in all regions, with significant growth recorded in the South East and London.
The lifestyle changes sought by many in the wake of the pandemic are likely to ensure continued interest in the prime markets of the UK from both domestic, as well as overseas purchasers. Property prices across the prime market are predicted to rise in the region of 4 per cent over the course of 2021.
Looking to sell your home safely under the latest Covid-19 restrictions? Get in touch with your local Fine & Country agent in the UK or overseas to find out how we can market your property to get you ahead of other sellers.
We would both like to thank Stephanie Vine and Paul Mellor for all the help with selling our property, Dingle Dell. We were delighted with the service from start to finish... Thank... Read full reviewReview Added: Mar 3rd, 2021
Sophie and her team did a great job supporting us in a difficult house purchase They work very professionally and with a nice balance of calm when it looked like the chain would... Read full reviewReview Added: Mar 3rd, 2021
A big thanks to Clare for all her hard work this year. Selling my house in the midst of a pandemic was daunting but she did it and got a good price for me. She has kept me informe... Read full reviewReview Added: Mar 2nd, 2021
After trying two local agents over several months, F&C restored my enthusiasm for my house sale. The staff are very efficient, professional and a pleasure to deal with. They a... Read full reviewReview Added: Mar 1st, 2021
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