The pandemic has added thousands of pounds to people’s house prices according to the latest findings by Zoopla.
The bump in house prices is particularly apparent in Liverpool where house prices are up by 10% from last year.
Research shows momentum in the UK property market is continuing unabated despite the end of the stamp duty holiday
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House prices are continuing to rise, now averaging £235,000, which is the highest average house price on record.
Although the stamp duty holiday has concluded, there’s no sign that demand slipping.
The market is continuing to move at its quickest pace for the past five years with the time between listing a property and agreeing a sale consistently averaging under 30 days each month since May. This is down from 40 days.
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Additionally, buyer demand is still 35% higher than average levels recorded over the last five years.
Gráinne Gilmore, Head of Research, Zoopla, comments: “The ending of the ‘tapered’ stamp duty holiday has had little impact on buyer demand, which remains higher than typical levels for this time of year.
“The demand coming from buyers searching for space, and making lifestyle changes after consecutive lockdowns, has further to run.
“Balancing this however, will be the ending of government support for the economy via furlough, and more challenging economic conditions overall, which we believe will have an impact on market sentiment as we move through Q4.
“We expect the market to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year, although lower than current levels of +6.1%.
“Stock levels will start to rebuild in early 2022 as market activity returns to more normal levels.”
Further research shows more landlords are selling their homes instead of keeping them on the rental market.
The proportion of homes listed for sale that were previously available for rent has risen to 8% across the UK – up from 3% two years ago.
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