What is Happening to House Prices in 2021
The mini boom of last year may be back. After seeing three consecutive months of falling house prices we have now recently experienced five positive months in a row. Different to the previous lockdown of 2020 the property market is open for business, normal social distancing rules apply and viewings from prospective property buyers can still commence. In addition surveyors are still able to carry out their normal duties and if any remedial work is required builders and workman are still be allowed to visit your home. At Direct House Buyer you'll be pleased to know that our we buy any house service will also continue as normal during this 2021 lockdown and we are not experiencing delays. Information on moving house and conducting property viewings can be found here.
What has Happened to House Prices in Recent Times
Data taken from the Rightmove house price index shows:
- December 2021 – £340,167
- November 2021 – £342,401
- October 2021 – £344,445
- September 2021 – £338,462
- August 2021 – £337,371
- July 2021 – £338,447
- June 2021 – £336,073
- May 2021 – £333,564
- April 2021 – £327,797
- March 2021 – £321,064
- February 2021 – £318,580
- January 2021 – £317,058
Since March 2020 when the impact of Coronavirus first hit property prices have risen a average 13.2% across the UK.
Why did Prices not Fall in the First Lockdown
During the first wave of coronavirus the property market was forced shut and it effectively froze property prices in a stagnate moment of time. It turns out that this benefited and protected house prices from any form of panic selling. By the time the property market was re-opened and buyers and sellers were able to start negotiating the government had introduced schemes that protected jobs, protected people from defaulting on loans and their mortgages, provided furlough income and notably a stamp duty scheme was announced that unexpectedly created a mini boom, with people rushing to take advantage of the tax saving.