The Rise and Rise of UK House Prices

Although a great deal of businesses have struggled to survive over the past year, some have been enjoying record sales – estate agents being one of the busiest at the moment!

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The housing market in the UK has boomed over the past year, with many people rushing to find their perfect home, and properties being sold in a matter of hours, as well as bidding wars where buyers are paying well over the asking price to secure the property that they want.

 

There are many reasons why this market has become such a competitive place to be at the moment. People are able to now re-assess their lifestyle, working from home may be a long-term thing and therefore, people who are no longer restricted to where they live by their proximity to the office are seeking out homes further away and often looking for that rural bliss and a place away from the big city.

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The stamp duty holiday that was announced by the chancellor last summer also had an impact and caused many people to scramble to buy a home now – although in many circumstances you can get a stamp duty refund, so although this isn’t the sole reason for the market going crazy it is certainly one of them.

 

As well as this, the pandemic has had a huge impact on how we live, and some areas have seen higher covid rates than others, so people may start to look for properties that are in less crowded areas where rates are likely to be lower. All in all it has meant that over the last year, house prices have risen by around &% and still seem to be increasing!

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