Following the housing market reopening, sales and prices have reached an all time high, according to Nisha Vaidya, mortgage expert at Bankrate UK.
Following the housing market reopening, sales and prices have reached an all time high, according to Nisha Vaidya, mortgage expert at Bankrate UK.
The latest Halifax House Price Index shows that prices are up 7.5% on 2019, with the average property in the UK now selling for £250,457, which is a record high.
Vaidya said: “For many buyers and sellers, the first lockdown was a time to reassess their priorities, prompting moves to properties with more space and countryside access.”
Moreover, pent-up demand and the stamp duty holiday have been the principal driving forces in the market’s recent boom, outlined Vaidya.
She continued: “The full impact of this second lockdown is yet to be seen, but for now sellers appear to be achieving good prices for their homes.”
However, Vaidya pointed to the current instability of the market, and recommended that anyone buying or selling should stay up to date with changes in the market and government incentives.
She concluded: “For those looking to buy or sell, making use of free advice and online guides will help to plan ahead. If you are at the early stages of house hunting, mortgage calculators are a great way to check affordability and understand how much you could borrow.”
