Despite new Covid-19 restrictions in place across the UK, the housing market looks optimistic with demand outweighing supply and the imbalance causing an increase in house prices. Demand for prime properties is soaring as existing homeowners evaluate lifestyles following lockdown and are using this moment to move to a new house.
Sales were up by 9.7% in London, 4.1% in the South West and 3.4% in Wales in the last 12 months, year on year, whereas sales in West Midlands saw no change.
Increased housing demand is likely to be maintained as six months of the stamp duty holiday remain and further Covid-19 restrictions will cause households to continue to re-evaluate their lifestyles. We are likely to see continued changes in buyer priorities; 83% of agents foresee demand increasing for homes with gardens over the next two years and 80% expect increased demand for homes located near green space (RICS). Space for working from home may become more important and commute times less important. As long as buyer demand outruns supply, house prices will remain strong. The August RICS survey reported +22% of agents expecting house prices to increase over the next three months and +27% expecting prices to increase over the next twelve months.
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