Housing demand higher than ever

With the demand for houses being 12.4% higher than this time last year, and house prices rising to record levels, there really has never been a better time to sell!

House prices are on the rise

House prices soared by 0.3% in January, taking the annual rate of growth up to 4.3%. Price growth at regional levels also shows that the North West has seen an incredible 5.5% price growth.

Demand for housing still ahead of last year

Buyer demand has continued to remain strong through the first 6 weeks of 2021, where it was even up 12.4% compared to the same point last year.

Of course, the stamp duty holiday has contributed to the high levels of activity, with hundreds of thousands of buyers and movers looking for a new home after a reassessment of how they are living after being couped up in their homes during the many lockdowns, along with the need for garden space for many, and office space for those working from home.

With the stamp duty holiday extension announcement buyers are set to save up to £15,000. Those who were at risk of not completing before the March deadline, can now rest assured knowing they will be able to complete comfortably now that the extension has been announced.

With lockdown expected to be lifted within the next few months there is an expected flow of new homes being put onto the market a long with more buyers!


Increased demand from first time buyers

As we move into 2021 there are signs of increasing activity among first-time buyers, with the demand from first-time buyers across the UK being up 5% in the first 6 weeks of the year. This also goes hand in hand with an increased array of mortgages available for those with only a 5% or 10% deposit. A policy announced by Rishi Sunak will see the government guarantee mortgages or those who can only afford a 5% deposit, making it easier for prospective home buyers to get onto the property ladder. The scheme will be available to first-time buyers and current homeowners looking to purchase a home for up to £600,000.

*Data taken from Zoopla house price index*

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