House prices across the UK have been pushed into rising faster than they have in over 15 years. The jump in the latest figures has been magnified primarily by a rush to beat the stamp duty holiday deadline in England and Northern Ireland, which caused property inflation to rise to a 13.2% annual rate during June, but that alone isn’t driving property prices upward.
Why Such a Big Rise?
A ‘perfect storm’ of the existing demand, lockdowns making people long for a larger living space and the government’s decision to waive stamp duty on properties below £500,000 have combined to boost the market by unprecedented amounts.
Which Area Has Experienced the Largest Increases?
The Office for National Statistics (ONS) has shown that Wales has had the biggest increase of any UK country with rises in property inflation of 16.7%, but as far as individual regions go this has been eclipsed by the north-west of England with a 18.6% increase. For those commissioning a home buyers survey Manchester, Liverpool and their suburbs are popular, and this is borne out by Toxteth having the biggest increase in property value at a spectacular 20%.
Are Other Areas Going Up Too?
There are increases in other areas across the UK such as Nottinghamshire and East Sussex, but five of the ten hottest property areas are currently in the north-west of England. For those who need a home buyers survey Manchester and the areas around it are seeing soaring demand.
How Soon Do I Need to Start My Property Search?
Many online property experts are recommending that sellers looking to sell in 2022 start marketing their properties now to get a head start on their competition. As buyers are facing stiff competition too they’re prepared to wait to to allow chains to be built if it will allow them to secure their preferred property. This in turn makes the seller themselves a ‘proceedable buyer’ and therefore a preferred candidate when looking for their next home.
Where Should I Start Looking?
With demand being so high in the north-west, buyer investment is pouring into the area, making it a highly desirable place to move to. If you need a new home and want a home buyers survey Manchester, Liverpool and Preston are good places to start looking for that next place that could potentially be your forever home.
Will Property Prices Begin to Stabilise? Should I Wait?
Whilst experts indicate that the stamp duty deadline has boosted growth and it may slow, they are continuing to predict increases for the rest of 2021 and into 2022, so you should think hard before delaying your move.