House prices rocketed by 10.9% annually in May, which is the largest increase in almost seven years.
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The housing market in Yorkshire and the rest of the UK is buoyant and the extent of house price increases is shown in a newly-published index from Nationwide Building Society. It shows a double-digit increase in house prices in May, following a 7.1% annual increase recorded in April.
Looking across the UK, house values struck a new record average of £242,832, which is up by £23,930 against 12 months earlier.
Here at Preston Baker we are seeing a huge surge in demand for houses and increased prices across Yorkshire.
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Property Launch® generates thousands of visits to your property from social media. You have control over how much or little marketing you want, with 372 different marketing combinations. The more interest generated, the more people want to see your property and having those people view your property at the same Property Launch® event creates excitement and competition, leading to higher offers. It sells your property quicker, saves having to do multiple viewings on multiple days (meaning less hassle and less cleaning) and is safer in these Covid-times.
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Robert Gardner, Nationwide’s chief economist, said: “The market has seen a complete turnaround over the past 12 months.
“A year ago, activity collapsed in the wake of the first lockdown, with housing transactions falling to a record low of 42,000 in April 2020.
“But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March.”
He said the increase in sales was helped by a stamp duty holiday, which was due to end in March but was later extended.
He added: “A lot of momentum has been maintained. Our research indicates the extension to the stamp duty holiday is not the key factor, though it is clearly impacting the timing of transactions.
“Amongst home owners surveyed at the end of April that were either moving home or considering a move, more than two-thirds (68%) said this would have been the case even if the stamp duty holiday had not been extended.
“It is shifting housing preferences which is continuing to drive activity, with people reassessing their needs in the wake of the pandemic.
“At the end of April, 25% of home owners surveyed said they were either in the process of moving or considering a move as a result of the pandemic, only modestly below the 28% recorded in September last year.
“Given that only around 5% of the housing stock typically changes hands in a given year, it only requires a relatively small proportion of people to follow through on this to have a material impact.”
Of those moving or thinking about a move, a third (33%) were seeking to move to a different area, while almost 30% were doing so to get a garden or outdoor space more easily. This is certainly something we are seeing evidenced, with people seeking to move away from city centres and into more leafy, spacious suburbs around Leeds, Doncaster, Selby and York.
The upward pressure on prices looks set to remain strong over the coming months, with the surge in buyers wanting more space and trying to take advantage of the extended stamp duty holiday, combined with a lack of supply, pushing values upwards.
Now is a great time to be selling and you could be very pleasantly surprised to hear what your house may be worth.
If you would like your house valuing please get in touch with Preston Baker and we will be happy to help you.
