What has happened to house prices so far in 2021?
A round up of the data and trends so far this year and how the market is holding up during the pandemic.
What is the property market like right now and what has happened to house prices in 2021?
It is fair to say that 2020 has been one of the most turbulent years that our generation has ever seen, not just for the UK but around the globe. Sitting here just over a year ago none of us could of predicted what was to come. The property market however has been standing strong since the economic recovery from the first wave of the pandemic. It bounced back sharp and fast in May 2020 and has been one of few industries that has been allowed to remain open since.
So where does that leave house prices? Here is a quick roundup of some of the data (stats provided by rightmove house price index)
House Prices
- House prices in the North West have increased 7.3% annually (the largest increase in the UK).
- Nationally after three months of consecutive falls in the average price of property coming to the market February has seen an increase of 0.5%. This is not unusual as traditionally the build up to Christmas is generally quieter.
- House prices in the North West have seen a 2.5% increase since last month, the second largest increase in the UK after London.
- The only region where house prices have decreased annually is London at -1.1%.
- National average asking price for the first time buyer market sector is up annually 3.6% to £200,692.
- The average asking price of a home in the North West is £215,561.
Other Significant Data
- There is a mammoth 613,000 properties sold subject to contract properties still awaiting legal completion, many of whom reliant on completing before the stamp duty relief ends on March 31st. (Jan 2021)
- Despite temporary market closures in 2020 the number of sales agreed or the year was up 10% on 2019.
- Visits to Rightmove up 45% in the first week of February compared with the year before, 18% more enquiries and 7% more sales agreed.
- An estimated 100,000 purchasers could miss out on the stamp duty deadline.
So is now a good time to sell up and move? Get in touch with us to discuss why now might be the right time to sell or get an accurate up to date valuation.
Contact us:
Bebington Branch
0151 644 6000
lesley@lesleyhooks.co.uk
Bromborough Branch
0151 334 5875
rachael@lesleyhooks.co.uk
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07538771198