Property market update! Feb 2021

Highest Monthly change in house prices across the UK since February 2007 at 1.7%.

Last week Halifax released their monthly house price index showing an average UK property price sitting at £267,587. This has been the highest on record, giving an annual increase of 7.4%. Halifax has suggested that while over the past couple of months there has been a rush to get sales through before the end of the stamp duty holiday, it must be noted that this data works off mortgages, of which some would not have completed before this end date of the holiday. Therefore, suggesting that while the stamp duty holiday has been an incentive for people to move, there are other factors such as need for space, change of circumstances, change of location etc.

The monthly increase of 1.7% which has been the highest since February 2007, shows the market is still strong and is still under a lack of supply with high demand from buyers. Properties with that much more room are being snapped up quickly, however the price is also shooting up for these. Halifax has announced that over the past year alone detached homes have increased by 8.8% on average, compared to flats at 6.1%. This correlates to a large rise of £41,000 for detached homes while only a £6,640 change for apartments.

If you are wondering what your property is worth on the current market, then call us today for a free valuation.

READ MORE: https://www.halifax.co.uk/assets/pdf/sep-2021-halifax-house-price-index.pdf