This Thursday marks a year since the property market reopened for business having been initially hit with lockdown restrictions.
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The latest research by Ascend Properties has revealed just what’s happened since, both where house price growth and transactions are concerned.
The Property Market Came Out Of Lockdown A Year Ago - Here's What's Happened Since
This Thursday, 13th May, marks one year since the property market in England reopened having been hit with lockdown restrictions, marking the starting point of an incredible return to health.
Ascend Properties has taken a look at which areas of England have seen the biggest boost in property values since then and where the most homes have sold.
House Price Increases
Since May of last year, the North West has seen the highest rate of house price growth at 12.4%, along with Yorkshire and the Humber (10.3%).
Wirral is the area of England to have seen the largest jump in property prices having climbed 26%. Redcar and Cleveland also ranks high with a 25% increase, with Pendle (22%), Selby (20%) and North East Derbyshire (20%) seeing house price growth sit at 20% or higher.
Newark and Sherwood, North Warwickshire and Forest of Dean have all seen house prices climb by 19%, while Copeland and Kirklees also make the top 10 with an 18% jump.
In terms of the largest monetary increase, Islington ranks top with prices up £67,000 since May of last year. Ealing (£53k), Rother (£51k) and Merton (£51k) have also seen prices climb by more than £50,000.
Windsor and Maidenhead (£47k), Bath and North East Somerset (£47k), Stratford-on-Avon (£46k), Cambridge (£46k), Sutton (£45k) and Surrey Heath (£44k) also rank with some of the highest monetary increases in property values in the last year.
Transactions
When it comes to the most homes sold, Leeds has been the homeselling hotspot of England since the market reopened for business. The city has seen 6,556 properties sold, closely followed by Birmingham (6,245) and Cornwall (5,801).
Managing Director of Ascend Properties, Ged McPartlin, commented:
“A year ago, many industry ‘experts’ were calling double digit house price drops and despite the property industry getting the green light to reopen for business, the outlook was uncertain to say the least.
A year on and house prices are hitting record highs with the industry itself buckling under the pressure of extremely high levels of buyer demand.
This monumental return to health has been driven by a number of factors. Firstly, a great deal of pent up demand remained due to Brexit and so there were already a large number of buyers and sellers waiting to transact.
During this time, interest rates have also remained at record lows reducing the cost of borrowing considerably.
Last but certainly not least, the further incentive of a stamp duty saving caused a mad flurry of buyer activity to hit the market and we’re yet to see this subside.
All in all, the market is well and truly back to its best and while a natural easing is expected once the stamp duty holiday does finally expire, this is unlikely to bring any serious detriment where long term health is concerned.”
Table shows the change in house prices since the market reopened in May 2020
Table shows the areas to see the largest % increase in house prices since the market reopened in May 2020
Table shows the areas to see the largest £ increase in house prices since the market reopened in May 2020
Table shows residential property transaction volumes since the market reopened in May 2020
Sales transaction data sourced form Gov.uk
Table shows the areas with the most residential property transaction since May 2020
Sales transaction data sourced form Gov.uk
- Regular rental market prices sourced from the ONS - Private rental market summary statistics
- Build to Rent rental market data sourced from Ascend Properties
- Ascend is a leading nationwide Build to Rent specialist.
- Founded in 2014, the company has won numerous awards due to its professionalism and exceptional customer service.
- Ascend was named Best Letting Agent in the North West at the ESTAS Awards for four consecutive years and has won more than 65 allAgents Awards.
- The company has experienced tremendous annual growth, reporting consistently high increases in turnover year-on-year.
The post What Has Happened Since The UK Property Market Came Out Of Lockdown appeared first on ValueWalk.
