Britain gets moving - unexpected mini-boom pushes prices to record high
20 July 2020 by Paul Hubbard
Our House Price Index was released to the media this morning and gives a national picture of house prices and activity over the past few weeks.
- Average asking price of property coming to market in Britain hits a record this month, 2.4% (+£7,640) higher than in March pre-lockdown, and the 3.7% annual rate of increase is the highest since December 2016
- Mini-boom gathers momentum as all nations reopen and Britain gets moving again:
- Year-on-year buyer enquiries up 75% in Britain since the start of July
- 44% of new listings that came up for sale in the first month after the English market opened on 13th May have already been marked as sale agreed, compared to 34% for the equivalent dates last year
- Number of monthly sales agreed is up 15% in England on last year, and in the five days after the stamp duty announcement it jumped to 35% up on the same days a year ago
- Total available stock has now recovered to being just 13% down in Great Britain, and the stamp duty holiday may encourage more to market to ensure they have plenty of time to move before the March deadline
Further boost to market activity - and especially for first-time buyers - with more low deposit mortgages available for up to 90% of the purchase price.