how much house prices have gone up EVERY DAY …
This is the highest average house price on record in the UK, and follows a steady six-month average increase of £ 44 per day; this acceleration in growth is up from £ 30 a day in the previous six months.
Since February of this year, increases in value have ranged from £ 64 per day in the South East and £ 63 per day in the South West, to £ 24 per day in the North East. This equates to growth of almost £ 12,000 for the two southern regions, almost triple that achieved by the north-east.
Meanwhile, average house prices have risen by £ 23,357 in Cambridge since March 2020, while they have fallen by £ 2,600 in Aberdeen over the same period.
As the stamp duty holiday for England and Northern Ireland ends at the end of this week after the reduced period at the end of September, Zoopla insists there is no sign that the demand or activity decreases.
The market continues to move at its fastest pace over the past five years, with the time between listing a property and accepting a sale averaging less than 30 days each month since May. Typically, the selling time would be over 40 days at this time of year.
In addition, buyer demand is still 35% above average levels recorded over the past five years.
In London, homebuyer demand has increased 14% over the past month, although demand for homes has increased by 25% and demand for apartments by just 6%.
The severe shortage of inventory continues, but evidence suggests more homeowners are putting properties on the market. The proportion of houses listed for sale that were previously available for rent has increased to 8% in the UK, from 3% two years ago.
Wales records the highest level of regional price growth at 9.8 percent, followed by Northern Ireland and North West England at eight percent or more.
Gráinne Gilmore, Head of Research at Zoopla, comments: “The end of the ‘tapering’ stamp holiday has had little impact on buyer demand, which remains above usual levels for this time of year.
“The demand from buyers looking for space and making lifestyle changes after back-to-back bottlenecks has yet to pick up.
“However, the balance will be the end of government support for the economy via the holiday and more difficult economic conditions overall, which we believe will impact market sentiment in the fourth quarter.
“We expect the market to remain busy by historical standards and price growth to remain firmly in positive territory at the end of the year, albeit below current levels of 6.1%.
“Inventory levels will start to rebuild in early 2022 as market activity returns to more normal levels.”