Founder of Move iQ and TV property expert Phil Spencer spoke to Zoopla’s Head of Research Richard Donnell about the UK housing market. The property experts discussed the impact of the stamp duty holiday, working from home, climate change and property market hotspots. Phil and Richard reviewed the 2021 property market in detail and discussed what the market looks like now compared to 2020.
“The Midlands and the North of England have just got very strong market conditions because housing remains affordable and there’s almost very few limits on how much people can bid up the cost of housing.
“In terms of the time to sell, it’s places like Wellingborough and Nuneaton.
“I mean it’s less than two weeks for a property to go from on the market to under offer.
“But it’s fair to say that all regions across the UK have got a time to sell of less than a month.
“The market’s pretty hot and prices are rising but not unsustainably.”
London, in particular, appears to have struggled over the past 12 months compared to other regions of the country.
The capital has recorded the slowest increase in asking prices and is the slowest market in the country.
London registered the lowest regional price growth over the past 12 months to August at just 7.5 percent, according to the latest UK House Price Index from the Office of National Statistics (ONS).
Annual house price growth was highest in the North East where prices increased by 13.3 percent to August.
Richard said he thinks the reason London and the South East has appeared to struggle is due to the contrast with the rest of the country.
He said: “I think in London, the South East, anywhere with very high house prices there are affordability challenges.
“There’s still deals happening. Things are still happening at a normal level but they appear weak compared to the rest of the country.
“Just because the rest of the country is almost unsustainably strong.”
Location Location Location airs tonight at 8pm on Channel 4
Credit: Source link
