UK’s housing market continues to witness high demand and rising prices
October 13, 2020
Despite ongoing warnings about an impending property market slump, the housing sector continues to soar in the UK.
Like August, which saw annual house price growth pick up to 3.7%, September witnessed surge in activity, with buyers and investors entering the market in their droves. According to a survey from the Royal Institute of Chartered Surveyors (RICS), September saw property price growth reach an 18-year high.
Prices increased to a net balance of +61%, up from +44% in August. Every region across Britain has reported growing sale prices, particularly areas outside of London.
RICS’s survey also points to the rising number of new instructions from sellers. September was the fourth consecutive month to see rising numbers of sellers putting their property on the market, making the longest stretch of supply level increases in the market since 2013.
Successful sales also remain buoyant, with +55% of the survey’s respondents witnessing an increase in the number of successful sales in September.
The rapid recovery of the housing market is being pinned on the stamp duty holiday on property values of less than £500,000, as well as the reopening of the sector in May.
Commenting on the surge in house prices, Robert Gardner, Nationwide’s chief economist, told the Financial Times:
“House prices have now reversed the losses recorded in May and June and are at a new all-time high.”
With the market recovering at phenomenal speeds and prices reaching record highs, now could be a good time to both buy and sell property. Buying and selling at auction comes with a number of benefits. Get in touch with our team to find out more about selling at auction. Or check out the properties we’ve got listed for our forthcoming property auction.
Writtern by Andrew Binstock
October 13, 2020
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