Property market update!

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Due to Covid-19 with lockdown, homeowners have rethought their requirements from a property, creating one of the highest prices rises for years at 6.4% from September 2019-September 2020. The average house price increase is around 4.7%, according to the office for National Statistics, meaning this year house prices increased over 1.5% the national average for a year.

The pandemic saw many who worked in an office space, work remotely, meaning those that lived in cities like London, where they are pricier to live, move to rural locations. This choice could come from getting more for your money from a property, more choice in walks, countryside/picturesque scenery and more outdoor space from a property.

The type of house to see the largest increase was detached properties, according to the Land registry with a 6.7% change. The biggest area with the largest price increase was the South West with an increase of over 6%, compared to Northern Ireland, with the lowest at just below 2.5%, according to the Office for National Statistics and HM Land Registry.

Regarding rental prices, these also rose, however not as high at 1.4%. The rental market following lockdown meant properties were flying off the straight away, making it a Landlord’s market. Lettings have been thought to be so busy, due to people’s change of circumstances following lockdown. However, for London, in October was the slowest since 2017 in private rentals, coming down to a mere 0.7%.

If you would like to know how much your property is worth call us on 01233 501601 to speak to Andrew or Roy, or alternatively head over to www.evolutionproperties.myinstantvaluation.com

READ MORE: https://www.bbc.co.uk/news/business-54986071

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