GETTING HOTTER
No stopping the house price boom
BRITAIN’S property market will break records this summer as a pent-up demand drives prices ever higher, experts said.
Competition between buyers determined to bag their dream home saw one in three properties sold for more than the asking price last month, smashing the all-time record.
And this year’s housing market is on course to be the busiest since 2007, with around 16 buyers competing for every property up for sale.
Around 1.5 million UK house sales are expected across 2021, up by 45 per cent compared with last year, property website Zoopla said.
The value of homes sold in 2021 is projected to reach £461billion – up by 46 per cent.
Statistics from estate agents show 32 per cent of homes sold above their original price tag last month – beating the previous all-time high of 19 per cent from 2014.
The average number of house hunters registered per estate agency branch was 427 last month, an increase from 409 in March and the highest April figure since 2004.
Mark Hayward, the National Association of Estate Agents Propertymark’s chief policy adviser, said: “It’s phenomenal to see demand for housing breaking records, as house buyers continue to fuel the post-Covid economy.”
The stamp duty holiday and its subsequent extension have provided an added impetus for many people to purchase a home.
Buyers can save up to £15,000 in property taxes on homes bought before the end of June.The hottest sales markets currently include Wales and Yorkshire.