So why has cost of a home surged?
1 Demand among home movers is very high after lockdowns prompted owners to look for larger properties with outdoor space and a spare room to work from.
2 While demand has soared, the availability of properties has not grown to match – as a result prices have surged.
3 Ultra-low mortgage rates have also spurred on prospective buyers, as borrowing has never been so cheap.
4 Hopeful buyers are sitting on a mountain of cash after households saved an estimated £200billion extra during lockdowns. This has turbocharged first-time buyers’ ability to save for a deposit.
5 The so-called Bank of Mum and Dad also has more cash going spare to help family members purchase their first home.