UK house prices will continue to grow and demand for properties will “likely remain strong” despite the coronavirus pandemic, property experts have suggested.
According to the BuyAssociation, the UK property market has seen a “significant rise” in buying and selling activity, and as a result, the average UK house price has rocketed by 4.7 per cent – representing the highest level of annual growth since October 2017.
And while the sector typically faces a seasonal slowdown throughout the winter months as families prepare to bunker down for the festive period, house prices and demand will “likely remain strong”, suggests the BuyAssociation.
Regionally, the west of England is experiencing particularly strong demand, with annual house price growth rising by 6.4 per cent, while the north-west is also moving into winter with momentum behind it, with house prices growing by some six per cent.
Interest in the capital’s property market also remained high, despite expected stagnation during the winter months. According to the report, enquiry levels remained 40 per cent higher than last year and the highest on record in five years.
Commenting on the figures, author Guy Gittins said: “The sales market will always slow as we approach the winter months and so the lower number of enquiries and registrations compared to September was to be expected.
“However, we are pleased to see that activity levels are still tracking well above last year’s figures and are at the highest levels for five years. The emergence of the second wave of Covid cases didn’t have any significant impact on demand.”
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