Despite the lockdown, UK house prices surge!
Thanks to the stamp duty and holiday and vaccine news property house prices are at their highest since 2015. The average cost of a home now stands at an all-time high of £229,721, an increase of 0.9 per cent during the month — despite the lockdown — and 3.7 per cent over the quarter.
Latest Bank of England figures show mortgage approvals at their highest level since 2007 while there were more deals in October than any month since 2016.
Activity levels usually slowdown in December but estate agents are reporting strong demand and activity as people look to secure mortgage deals and property prices before the stamp duty holiday ends. It has been encouraging to see how well the market has recovered despite continuing restrictions.
Let’s see what 2021 has in store for us!