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The UK property market is as hot as it’s ever been, which may come as a surprise to some in London.
Figures published by Zoopla have shown 2021 is on course to be the busiest year for transactions in the UK since the financial crisis, and in the top ten busiest since 1959.
The trends are being driven by the stamp duty holiday and a desire for more space prompted by the pandemic and the increased amount of time people are having to spend at home.
Seeking out space, of course, means not only properties with more room indoors and out, but away from cities.
In such circumstances, people can access more outdoor areas, with countryside and lower infection rates offering an alternative to living in urban areas where the best aspects of city living – such as proximity to workplaces and an abundance of entertainment and hospitality – has been absent or at least restricted.
As a result, London has seen a much cooler market, which may make now a good time to contact city based estate agents with a view to striking while the iron isn’t hot. For house prices have risen the most in Wales and the nNrth and by the least in London.
Reflecting on these trends and the lack of supply that is pushing up prices, Buy Association has suggested these are likely to continue even when the pandemic has abated, quoting Halifax manager Russell Galley, who noted the fact that many people have been able to build up more savings in the pandemic than they otherwise would will help them to stump up the funds for deposits.
However, if the property market as a whole may be hotter outside London, that does create great opportunities for bargains in previously unaffordable prime areas of West London.
Moreover, with the majority of UK adults fully vaccinated, it may be a matter of months before most of the old joys of living in the big smoke.
