>Property market update!

With the property market being ‘a race for space’ due to homeowners needing more internal room with larger gardens, prices have increased 10.9% over the past year in the UK according to Nationwide. Halifax showed a 1.3% increase in May 2021, meaning the average UK property was pushed to £261,743. This means that since May 2020, properties have risen on average of around £22,000.

It has been noted that buyers who are currently looking, 30% of these are looking for ease of access to a garden/outdoor area with nearly another 30% looking to upsize. A high proportion of buyers are still looking to move out of city centres, into smaller towns and villages, however it has been suggested that since the easing of restrictions where people have been returning to work, homeowners have been looking at city properties once again. This difference in rush for rural spaces, has reflected the market prices in London, where over the last year they have increased by only 3.1%, which is 7.8% lower than the UK average.

READ MORE: https://www.theguardian.com/money/2021/jun/01/race-for-space-fuels-surge-in-uk-property-prices

READ MORE: https://www.theguardian.com/money/2021/jun/07/uk-house-prices-rising-record-halifaxstamp-duty-deadline