UK house prices hit record high

UK house prices hit record high

Key takeaways

• The value of the average home in the UK has increased by £44 per day during the past 6 months alone.
• The housing market is moving at its fastest pace for 5 years, with sales agreed on homes in less than 30 days on average.
• House prices in Wales are up 10% year-on-year, the highest of any region.

UK house prices have hit a record high of £235,000 as sales are agreed at their fastest pace for 5 years.

The average home in the UK has increased in value by £44 per day in the past 6 months alone.

This is up from £30 per day between July 2020 and January 2021.

What will happen in the housing market next?

The search for space among buyers still has further to run as people take stock of their homes and lifestyles.

However, buyer demand is likely to be dampened by the end of government support, such as the furlough scheme.

Plus, more challenging economic conditions are likely to have a ripple effect in the final 3 months of the year.

Home-movers

People moving up the property ladder continue to face the challenge of being both a seller and a buyer.

The good news is that if you have a family home to put on the market, you are likely to be able to secure both a top price and a quick sale.

The downside is that you are also likely to face stiff competition from other potential buyers for your next home. Meanwhile, the shortage of homes for sale may mean you have limited choice.

If you need to coordinate the sale of your current home and buy your next one, speak to a local estate agent. They’ll give you a good sense of the pace of your local housing market and whether there are currently many properties up for sale that meet your criteria.

Depending on how quickly the market is moving, you may want to have an offer accepted on a home you like before listing your current one for sale.