House prices surged by more than £10,000 in 2020 with commuter towns seeing biggest gains
House prices: Chartered Surveyor discusses impact of lockdown
The value of the average UK property increased by more than £10,000 this year, which amounts to £27.81 per day in 2020, according to new data from Zoopla. This is up from last year’s increase which amounted to £8.64 per day. The coronavirus pandemic halted the property market at the beginning of the year which in-turn led to pent-up demand.
Despite lockdowns and changing covid measures, the average house price increased in all parts of the country.
Properties in England saw the biggest increase in value with the average property having an increase of £11,037 (£30.16 per day).
This is then followed by Wales with an increase of £8,706, Northern Ireland with £5,575 and Scotland with £4,408.
As more people left the cities for more coastal and rural locations, property values in certain regions increased more than others.
The South East ranked in first place with the average house seeing an increase of £12,552 in value.
We will use your email address only for sending you newsletters. Please see our Privacy Notice for details of your data protection rights.
This was followed by the South West, the East of England, the East Midlands and the North West.
The West Midlands, Yorkshire and The Humber and the North East also saw increases of £8,576, £8,331 and £5,084 respectively.
This year marked a shift in the property market as buyers’ preferences changed.
The stamp duty holiday, which began in July and is due to end on March 31 next year, has seen people who would usually wait to buy, rush into transactions to save money.
As more people look for outdoor space and home offices, locations outside of London in coastal and rural areas saw the biggest increase in value.
Property UK: Slash energy bills by £190 by switching [INSIGHT]
Escape to the Chateau’s Dick Strawbridge calls out Angel’s sneaky move [UPDATE]
Britain’s Most Expensive Homes: New Channel 4 property show [ANALYSIS]
Windsor in South East England nabbed the top spot with an increase in value of £29,063 in 2020.
Other locations in the top 10 include Winchester in Hampshire, which is just one hour outside of London, as well as St Albans and Bishops Stortford in Hertfordshire.
All three locations have direct trains to London and are known for being picturesque, peaceful and historic.
Looking further up the country, Altrincham near Manchester came in second place on the national list.
The average property in Altrincham comes in at around £536,144 with prices increasing by £23,772 in 2020.
When it comes to the coast, Penzance in Cornwall, Hove in East Sussex and Christchurch in Dorset all saw increases above £20,000.
More rural locations such as Cheltenham in Gloucestershire and Cirencester also saw house prices increase by more than £20,000 this year.
Despite many people reevaluating their desire to live in the city this year, the average London property increased in value by £19,609 in 2020.
But if you want to purchase a home in the capital, you’ll likely need to spend upwards of £600,000 with the average home costing £658,195.
Gráinne Gilmore, Head of Research at Zoopla said: “The housing market has been one of the bright spots of the economy in this otherwise uncertain year.
“The ‘once-in-a-lifetime’ reassessment among a large cohort of homeowners around how and where they want to live has led to strong levels of demand since the end of the first lockdown.
“The data reflects an increased demand for additional indoor and outdoor space, and some rural locations have seen a rise in activity levels as those no longer constrained by a daily commute look for a different style of living.
“These factors, coupled with the stamp duty holiday, has led to one of the busiest Christmas housing markets in a decade, and has underpinned price rises of nearly four percent this year.”
Source: Read Full Article