The property market saw house prices fall by 0.3% in January, which is the first time there has been a decline since June according to Nationwide, meaning the average home in the UK was £229,748. This decline could be due to the end of the stamp duty holiday nearing on the 31st of March 2021, with no decision currently about a further extension. On Monday there was a live webinar of MP's discussing an extension of the stamp duty holiday after a petition received a significant number of signatures asking to extend. Unfortunately, we will have to wait until the 3rd of March 2021 until we know more, which will be when the Chancellor's Budget will be released. Even though there was a small decline, the annual growth rate of properties was still around 6.4% according to Nationwide.
The rental market is still strong, with it still being a Landlords market, meaning there is a lack of available properties compared to the number of applicants looking. The rental market prices increased by 1.4% last year yet seemed to be busier than ever. This slight increase may be due to Landlord's not increasing heavily due to a higher level of unemployment/furlough that has subsequently come from Covid-19.
This high demand, which is still seen across sales and lettings throughout the UK has been down to an array of different things. People have been working from home, so have been moving from city life to suburban areas, due to properties having more outdoor space as well as not needing to live in the city. Homeowners may also need extra room for a study space, as currently not only parents may be working from home, but also children.
If you would like to know how much your property is worth on the current market, call us today on 01233 501601 for a valuation on your property.