House prices hit all time high due to ongoing demand! (Express UK)
The latest Rightmove report and Halifax mortgage data illustrate how we have been witnessing a month on month growth of 1.6%, and an annual increase of 3.7%, leading to the average UK house price now standing at £241,604 up from £233,541 in July 2019. This is the highest annual inrcrease for over three and-a-half years.
Data also shows that 44% of new listings up for sale in the first month after the housing market in England opened, back on May 13th, have already been marked as "sale agreed". This compares with 34% for the equivalent dates last year. At the moment, there's not much evidence of a slowdown, meaning it's a great time to invest in property.
The map below shows how the average asking prices in London and the South East of England have continually increased due to demand:
Experts expect a continued rise in property prices as a result of chancellor Rishi Sunak introducing the stamp duty holiday for England and Northern Ireland. The measure, which can potentially save buyers up to £15,000, has definitely attracted a massive influx of people who, in regards to property purchases, may otherwise have been sat on the fence until 2021.
We are facing a housing crisis, meaning demand continues to outweigh supply. This means average asking prices are going up, as seen above.
FORECASTS IN VALUES = GROWTH
Prospects are good! Due to the arrival of Crossrail, JLL have forecast almost 15% increase in Slough property values by 2024
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