A recent survey has shown that half of those who bought a new home during the pandemic regret overpaying for their properties. In addition, figures show nearly a quarter of homebuyers paid over the asking price during the pandemic, with many rushing into the property purchase.
While London is unlikely to ever lose its place as the UK's house price capital, the city looks set to be left behind when it comes to house price growth in the first half of this decade. Yorkshire and other northern regions look set for a house price boom. Investors and homeowners looking for capital gains may wish to cast their gaze further north than ever before.
The government is proposing reforms to England’s controversial leasehold system. The reforms would help stop the high costs associated with extending a lease.
UK house prices increased by record numbers in 2020. Data from Nationwide shows the year saw house prices growing by 7.5%, the highest growth rate for six years.
The UK housing market made unexpected gains last month. Values increased by 6.5% since June, according to Halifax. The mortgage lender also said the cost of a typical property rose by almost £3,000 last month. November's increase coincided with England's second lockdown.
The asking price for properties has dipped by 0.5% in October, according to property website Rightmove, as home sellers look to close sales ahead of the stamp duty holiday deadline. The price cut, equivalent to a reduction in value of around £1,505, suggests a slowdown in the burgeoning value of properties since the end of the first national COVID-19 lockdow.
As the COVID-19 pandemic continues to wreak havoc on the UK economy, another effect of the virus has been its impact on wealth equality. Though the nation as a whole has faced widespread job losses, shop closures and tight finances in recent months, housing market data reveal the pandemic has increasingly widened divisions between the wealthy and underprivileged.
Data has shown the demand for properties across the UK has helped house prices soar by nearly 11% in the year to May. According to the figures, this has taken house prices to their highest level in seven years with average prices rising by nearly £24,000 in the past year.