‘Race for space’ fuels UK’s busiest housing market since 2007

This year’s property market is poised to be its busiest in 14 years, with one in 16 privately owned homes set to change hands by the end of December, according to new data.

Property website Zoopla also says the annual rate of house price growth in the UK is at 6.9 per cent – up from 3.5 per cent in the same month last year – and the average cost of a home has increased by 15,500 table for the past 12 months.

Zoopla said it forecasts that 2021 will be the UK property market’s busiest year since 2007 in terms of property transactions as the pandemic has prompted many households to re-evaluate their priorities. They and the holiday government stamp duty encouraged sales.

The UK website’s data for October comes days after official figures showed home sales had more than halved in the weeks immediately following the end of the stamp duty holiday in the UK and North. Ireland.

HM Revenue and Customs last week reported that transactions across the UK fell 52% in a one-month period, reaching 76,900 in October after thousands of homebuyers rushed to complete their purchases. last month and levy stamp duty at the end of September by the government. holiday period.

The record surge in activity earlier in the year was also driven by government guarantees on mortgages and the “race for space” caused by the pandemic, prompting many homebuyers to prioritize properties with larger gardens. and more places to work from home.

“The 2021 real estate market will be defined by a home reassessment caused by the pandemic, with many households forced to move,” said Zoopla.

It is said that while the 6.9% year-on-year price growth figure recorded in October marks a slight fall back from the aforementioned 7% growth recorded in August and September of this year. , the average growth rate over the past three months is higher than at any time. since 2014, underscoring the strength of the market.

The most recent home price surveys from the UK’s largest mortgage lenders reveal a property market that continues to defy many experts’ expectations. Earlier this month, Halifax said UK house prices had risen for the fourth month since October, adding 0.9 per cent to the average cost of a home. Rival lender Nationwide said property values ​​rose 0.7 percent in October.

However, rising interest rates – the first is expected next month – and rising inflation could weigh on markets.

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