North West has highest annual growth in house prices!
It’s no secret that house prices have increased across the board since the start of the pandemic. According to the ONS the region with the highest increase is right here, in the North West.
Since estate agents returned to their desks in May 2020 the property market has gone from strength to strength. The recovery has been stronger than anyone could of imagined and prices are still very much holding their own.
So what exactly has happened to house prices?
Here is a quick roundup of some of the data (stats provided by the Office of National Statistics)
- UK average house prices increased by 10.0% over the year to May 2021.
- The North West was the region with the highest annual house price growth, with average prices increasing by 15.2% in the year to May 2021. This was up from 13.8% in April 2021.
- Average house prices increased over the year in England to £271,000 (9.7%).
- The average price of a property in the UK was £254,624.
Will house prices continue to increase?
That is the question on everybody’s lips right now… how long can this buoyant market last. In such unprecedented times its very difficult to predict but here’s the view of one of the experts.
Tim Bannister, Rightmove’s Director of Property Data comments:
“Buyer demand remains very strong, though with an all-time low in the number of properties available for sale on estate agents’ books and new stock at higher than ever average prices, there are early signs of a slowing in the frenetic pace. Since the market re-opened last May in England we have seen huge jumps in the numbers of sales being agreed, but these are now rising at a slower pace. This super-charged activity cannot go on forever, but we expect the market to remain vigorous for at least the remainder of the year.”
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