UK House Prices Rise
- 2 January 2022
- Posted by: Editor
- Category: news
According to Zoopla UK house prices rose by an average of £16,000 in 2021, a record year for housing. The average UK home now sits at £240,800 compared to £224,800 in 2020, an annual rise of 7.1% in house prices. The lasting results of the pandemic, stand duty holiday and work from home mantra has been the perfect cocktail that has allowed people to capitalise.
What we also have to factor is that a fifth of the UK’s housing stock (5 million homes) increased by more than £35,000. This type of growth is market activity that has seen the total value of UK housing rising by £670 billion in 2021 to £9.5 trillion.
Buying demand on average has increased by over 15% since 2020, with the end result being East Midlands showing an increase of 42%, West Midland increasing by 35% and Yorkshire posting a 28% rise. More people moved into a new home in June 2021 than any other year since 2005 when Zoopla began recording housing market activity.
With the stock of homes being down by around 33%, the supply and demand imbalance has created more buying competition which has pushed prices up further. With some homeowners now sitting with greater equity and the demand from owners looking for additional space, they expect demand will remain strong for the foreseeable future.
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