The coronavirus crisis has caused an unprecedented boom in the property market since the end of the Spring lockdown. After being forced to close due to heavy restrictions, the market has had a highly successful summer, with house prices rising across the board and buyers keen to get themselves back on the market.
The huge change in the market is down to a combination of behavioural changes and Rishi Sunak’s highly popular Stamp Duty holiday, which is due to last until March 2021.
Many people, particularly city dwellers, have sought to leave metropolitan areas in favour of the countryside and houses with outdoor space, as working from home becomes the norm.
Official figures now show that house prices jumped by 2.5 percent in the 12 months to the end of August, and prices rose 0.5 percent during the month – a shift from July when prices fell the same amount.
The outlook for autumn looks to continue the positive trend, with the number of transactions on residential properties rising 21.3 percent in August, according to HMRC’s estimate.
But even if it seems like a good idea to buy or, you should know where the best places are in the country right now before you make that all-important move.
According to research conducted by online broker Mojo Mortgages, the best places to buy based on affordability are not concentrated in any particular area of the country, rather in property hotspots throughout all four nations.
The north dominates the top of the list, with Newcastle, Belfast and Dundee taking the top spots.
The same can be said for the worst places to buy, with some of the country’s most popular areas to live on this list.
CEO of Mojo mortgages Richard Hayes said: “Following lockdown, a surge in pent-up demand led to a noticeable increase in people looking to move and searching for bigger houses, and in some cases, in more rural areas as they reassessed their priorities.
“As a result of this demand the housing market is very resilient at the moment, and actually, what you would normally see in a recession when it comes to property, just isn’t the case at the moment, with house prices reaching record levels.
“Many homebuyers are also willing to pay more for their dream homes, especially if the home they have put an offer in on ticks all the boxes.
“We’ve seen that more people are moving to out of city locations, and also want extra space for a home office or additional outdoor space.
“When it comes to sellers, they are being highly optimistic when it comes to asking prices, even when their homes don’t match buyer expectations.”