Nick Leeming, Chairman of Jackson-Stops, comments on this week's ONS House Price Index: “This week's house price data provides a clear indication of how much the pandemic has shifted the property market over the past 12 months. House prices have increased by a staggering 10% on the year – the highest annual growth seen since before the financial crisis of 2007 – with buyers now paying on average a record £256,405 for their home.
“Prices in the North East and Yorkshire continue to lead the way. But, even in London, buyers are paying £20,000 more than they were before the pandemic.
“The number of new applicants that registered with our branches in March was on par with the number that signed up when the market reopened last June. Given the strength of demand, and the fact this is linked to fundamental shifts in people’s lifestyle priorities, we don’t see the market cooling in the near future.
"Our branches in quintessentially English country-side towns such Chichester, Taunton and Chipping Camden continue to see the highest number of new applications, alongside London’s prime commuter-belt towns, including Sevenoaks, Dorking and Cranbrook. This evidences that people are continuing to value space and access to nature, while committing to either longer term home working or adopting a hybrid working model.
“However, while the extent of current demand may continue to fuel the market for some time yet, it can’t be sustainable for ever. I would suggest that anyone considering selling their home to do so now while the market conditions are so favourable and there is still room for further price growth.”
- UK average house prices increased by 10.2% over the year to March 2021, up from 9.2% in February 2021; this is the highest annual growth rate the UK has seen since August 2007
- Average house prices increased over the year in England to £275,000 (10.2%)
