< 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

Most unique and prestigious advent calendars for the whole family this Christmas.

Believe it or not, Christmas is coming, and it’s perhaps come around quicker than most Christmases before it… So it’s time to start thinking about advent calendars!   It’s true that we usually prefer to be eating chocolate each morning of December on the lead up to good ol’ Christmas, for it’s a time to …

Read more...

UK average house prices increase to record highs

Average house price increases by 4.7% over the year to September   According to the latest UK House Price Index from the ONS and the Land Registry, average UK house prices rose by 4.7%, up from 3.0% in August to a record high of £245,000.   This comes before a second boost to the property …

Read more...

Football-mad, Imogen raises over £14k for charity

An 11-year-old football-mad girl has done one keepie-uppie for each keyworker in the UK to raise money for charity.   Imogen Papworth-Heidel, a Cambridgeshire schoolgirl, was so inspired by Sir Captain Tom’s charity work during lockdown that she decided to set up a Just Giving page of her own. Imogen decided to do one keepie-uppie …

Read more...

Lockdown 2.0 sparks a surge in property enquiries

New lockdown restrictions in England have increased property market activity, similar to the easing of the first lockdown surge.   When the first lockdown restrictions were eased, they sparked a record surge in new enquiries for vendors, buyers, landlords and tenants and over the past week, since Lockdown 2.0 was introduced, the market has seen …

Read more...

Thousands of people decorate for Xmas early

Huge numbers of people are already putting the Christmas decorations after a difficult year…   With 2020 being a year like no other, thousands of people are putting their Christmas decorations up early to spread festive cheer and bring a bit of magic and joy to the end of this troubled year.   Whether you …

Read more...