You are here: Home - Mortgages - Remortgage -

Fastest summer housing market in five years ‒ Zoopla

0
Written by:
28/09/2021
The end of the biggest benefits of the stamp duty holiday did little to quell the momentum of the housing market, with the summer months seeing the market continue to move at its fastest pace in five years.

That’s according to the latest house price index from property portal Zoopla, which found that the average time between listing a property and agreeing a sale continues to remain under 30 days, as it has since May. The firm noted that usually at this time of year, the time to sell would have risen to above 40 days. 

In addition, Zoopla pointed to buyer demand being 35 per cent higher than average levels recorded over the previous five years.

This heightened demand is continuing to push up house prices too, with Zoopla recording an average price of £235,000, the highest on record. Prices have now increased by £44 per day over the last six months, up from the £30 daily rise recorded in the preceding six months.

Looking at a regional level, Wales is seeing the highest rate of price growth at 9.8 per cent in the year to August, followed by Northern Ireland at 8.4 per cent and the North West of England at eight per cent.

In terms of cites, Liverpool continues to lead the way with prices up 9.8 per cent over the last year, ahead of Manchester on 8.1 per cent and Sheffield at 7.6 per cent. By contrast, London’s house price growth was recorded at just 2.2 per cent.

While the ongoing impact of the stamp duty holiday on house prices is open to debate, there’s no question it has boosted the Treasury’s coffers, with stamp duty receipts in July hitting almost £7bn, a new record.

Challenges ahead

Gráinne Gilmore, head of research at Zoopla, said that it was clear the ending of the stamp duty holiday had had little impact on buyer demand, with buyers still striving for properties that provide more space or allow for lifestyle changes.

She continued: “Balancing this however, will be the end of government support for the economy via furlough, and more challenging economic conditions overall, which we believe will have an impact on market sentiment as we move through Q4.

“We expect the market to remain busy compared to historical norms, and for price growth to remain in firmly positive territory at the end of the year, although lower than current levels of 6.1 per cent.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week