U.K. Housing Ended a Tumultuous Year on a High Note
<span style="font-weight: 400;">The U.K. housing market finished strong in 2020, despite a year plagued by the Covid-19 pandemic and related economic shutdowns. Home prices in the U.K. jumped 8.5% year over year in December, according to the house-price index from the government’s Land Registry, rel
Published -
Feb 20, 2021 4:23 AM
The U.K. housing market finished strong in 2020, despite a year plagued by the Covid-19 pandemic and related economic shutdowns. Home prices in the U.K. jumped 8.5% year over year in December, according to the house-price index from the government’s Land Registry, released on 17th February. The average price rose 1.2% in December, compared to the previous month, bringing the average price of a property in the U.K. to £251,500 (US$348,137), the data showed. At the same time in 2019 the monthly rise between November and December was just 0.1%. “In contrast to the usual seasonal slowdown toward the end of the year, we were still seeing a very active sales market [at the end of 2020],” Nick Barnes, head of research at the estate agency Chestertons, said in response to the new government figures. “Buyer demand continued to be fueled by the stamp duty holiday and the desire to move to a larger property that provides a dedicated area for home working.” North West England, which includes the cities of Liverpool and Manchester, saw the strongest price growth, registering a 11.2% year-over-year increase to £183,727 in December, the report found. London, where the average home costs £496,066, had the lowest annual growth, with prices increasing by 3.5% in December 2020, according to the index. That’s a significant slip from the 7% year-over-year growth recorded in the capital in November 2020. In Wales, home prices rose to £184,195 in December, a 10.7% increase compared with the same time the previous year, the index showed. Scotland’s average home price reached £162,983 in December, an 8.4% increase compared with December 2019. Going forward, some are wondering if this growth is sustainable as government benefits expire and people are looking for work. In addition, the stamp duty holiday—which has temporarily exempted homes under £500,000 from the tax and saved buyers of pricier homes £15,000 in levies—is set to expire at the end of March, although it could be extended an additional six weeks.
Tags : INTERNATIONAL U.K. Housing High Note