UK Property market Set for Busiest Year Since 2007
New data from leading estate agent Zoopla show that 2021 will be busier than the previous peak in 2007. The company expects 1.5 million transactions this year, up 45% on 2020 which was a curtailed year but they commented that transactions rarely reach 1.2 million per year. The value of homes sold is expected to reach £461m, up 46% on 2020 and a massive 68% up on 2019 figures. Whilst demand is at such a high, Zoopla go on to mention that total homes for sale are down 20.8% year on year which will continue to underpin the robust prices that sellers are achieving.
Posted by: Kelvin Tayfield, Sat, May 29th 2021
UK City Center Property Staging a Comeback
Whilst the UK property market boom continues led until now by larger properties outside of the City Centers, we are now seeing people return to the high streets as lockdown measures ease. Many workers are returning to offices at least for a few days a week resulting in an increase in demand for City Center apartments according to survey results revealed by Rightmove this week. Leading on-line estate Purplebricks is finding that apartments with access to gardens are in high demand which is being satisfied by new build developments in and around City Centers which usually have both podium and ground floor gardens.
Posted by: Kelvin Tayfield, Sat, May 22nd 2021
Middle Eastern Buyers Return to UK Property Market
Whilst the pandemic put a severe brake on Middle Eastern investor activity in the UK property market, latest figures from leading property website Zoopla reveal that 16% of international purchasers came from this region in the first quarter of 2021. This is up 60% compared to the third and fourth quarters of 2020. Knight Frank at the same time, reported that most interest is in new developments around Central London. The Real Estate firm is expecting a further surge in demand from the Middle East post Ramadan as travel restrictions start to ease.
Posted by: Kelvin Tayfield, Sat, May 15th 2021
Demand for London Property Picks Up
London has been hit the most in recent years as first Brexit and then Covid put a brake on the UK Capital’s historic growth record. However, the city has now picked up pace again with figures from a leading estate agency showing a 57% rise in the number of people looking to buy in March compared to February. The agency reported that the London market is the most active since 2006 based on the number of transactions, property viewings and the number of buyers entering the market. With lockdown restrictions starting to ease letting agents are also seeing demand for Central London rental properties starting to increase.
Posted by: Kelvin Tayfield, Sat, May 8th 2021
UK House Prices Rise the Most Since 2004
Average UK house prices rose 2.1% month on month in April, the highest in 17 years according to the UK’s biggest building society Nationwide. This pushed the year on year increase to 7.1% thanks to the government’s commitment to keep the industry active. The mortgage lender believes the high demand, supply shortage and easing of lockdown restrictions could lead to a summer boom with price increases in the double digits a distinct possibility. Furthermore, consultancy firm Capital Economics believes that with the economy set to recover and low interest rates a downward correction in the property market is unlikely.
Posted by: Kelvin Tayfield, Sat, May 1st 2021