< Back to blog

Post-Lockdown ‘mini-boom’ in the property market Posted On 22 July 2020

House prices have surged in a ‘mini-boom’ as the Stamp Duty Holiday fuels demand

 

The housing market is experiencing a ‘mini-boom’ as buyers are rushing to find homes with new requirements such as outdoor space and home offices and sellers are looking to take advantage of the stamp duty holiday.

 

Rightmove has reported an increased in average asking prices and the numbers of offers accepted this month. The average UK home now has a price of just over £320k, an increase of 2.4 per cent on March, and annual growth of 3.7 per cent.

 

Even better news, for July so far, buyer enquiries are up 75 per cent on the same period last year. Another promising stat is that 44 per cent of homes listed since May are now under offer – up 34 per cent from last year.

 

Miles Shipside, Rightmove Director said, “The spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown,” he says. “These figures are the earliest indicator of house price trends. They show prices gently rising not falling, and this will be reflected in the coming months.”

 

Working from home and having a suitable space is also helping. With people realising they don’t need to be so close to their workplace, they can look in different areas which open up more options for them and could be the difference between renting and buying.

 

Overall, all of this combined points to a strong summer property market with an increase year-on-year in both listings and sales.

 

< Back to blog

Connect with us

Recent Posts

End of homeschooling to increase the number of properties coming to the market

Buyer demand and house prices rising and new properties coming to the market are expected to rise in line with the schools going back   The latest study by Rightmove shows that demand from buyers is growing, with numbers so far this year way ahead of last year, however, buyer demand is outstripping new supply. …

Read more...

118 days to go!

Light at the end of the tunnel, as Boris Johnson announces ‘Roadmap” out of Lockdown which could mean a return to normality in 118 days   Yesterday, Prime Minister Boris Johnson announced the “roadmap” for easing restrictions in England and finally coming out of this long winter lockdown. The long-term aim is to lift all …

Read more...

Top Lockdown gadgets

  The top 5 gadgets that have made lockdown more bearable   Over the past year, people have been finding new hobbies and gadgets to get them through spending so much time at home… While some have turned to Netflix and other streaming services, others have turned to consoles, while others have spent more time …

Read more...

Feng shui: the basics

During these lockdowns, it’s important to stay positive and be comfortable in your surroundings, which is what makes the practise of Feng Shui perfect   Feng shui was developed over 3,000 years ago in China. It teaches people how they can balance the energies in any space with the arrangement of objects. This could be …

Read more...

Search for life on Mars

Nasa Mars rover: Perserverance heads for touchdown on the red planet.   After a seven-month, 470-million-km journey, Nasa’s six-wheeled robot is scheduled to land on Mars at 20:55 GMT today. Never has a science mission gone to the planet with so sophisticated a suite of instruments; never has a robot been targeted at so promising …

Read more...