As the UK property market’s prices continue to break all-time records for the fourth consecutive month, it is no surprise that records in other areas of the market have also been broken – with 40% of sales agreed in June coming in at over the original property asking price; the highest percentage on record.
Whilst the average number of sales agreed in June was slightly lower than in May, this is still the most robust performance for June over the last four years, as the UK property market continues to outperform itself in the wake of the stamp duty holiday. The UK economy is also set to boom over the next six months as Covid restrictions have now fully lifted, and life has begun to return to normal. The implications of life returning to how it was pre-pandemic have positively benefited the UK property market, and buyer demand continues to remain strong despite the end of the stamp duty holiday nearing, according to NAEA Propertymark.
As buyer demand continues to increase, the number of properties available on the market is steadily declining, with estate agents having only an average of 23 properties available for sale – the lowest on record for two consecutive months, beating out last month’s 25 properties. With an average of 19 buyers in the market for every one property, the staggering undersupply of property throughout the UK has caused house prices to increase across the country throughout the last six months. Throughout this time, property prices in the UK have risen by an average of £21,000 since the beginning of 2021.
According to mortgage broker John Charcol, the latest research in the market has found that 20% of those living in the UK who did not purchase a property in the last 12 months are eager to buy in the coming year. This market insight, coupled with the record-low interest rates currently offered by lenders, is set to further fuel the incredible buyer demand in the market currently and well into 2022, with the property market consistently outperforming all other investment assets.
Throughout the economic uncertainty of 2020, the property industry has consistently proved itself to be the most stable investment asset despite three lockdowns. It has continued to provide financial security to investors throughout this time.
To find out more about how you can financially benefit from the ever-growing success in the UK property market, get in touch with one of our expert property consultants today.