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House Prices Rose In 2020

January 11th 2021
By: Thomas Morris
House Prices Rose In 2020

Even though not too many people will want to spend a lot of time looking back on 2020, it is important to know what happened, and how to look forward.

The market ended in a robust manner, which is a notable achievement when you consider the property market was all but closed for six weeks in spring.

The stamp duty holiday has driven activity and moves since the summer, but in a challenging year, it should be said there was a lot of optimism.

At Thomas Morris, we believe there is quiet cause for positivity as we move into 2021. There will be many challenges, but the housing market will present many opportunities throughout the year.

Property values rose across the United Kingdom

As per Zoopla figures, the average value of property in the United Kingdom rose by £10,177 in 2020. This equates to a rise of £27.81 per day.

Homes in England received the most significant increase, rising by a value of £11,037 over the year, or by £30.16 per day.

The tally for the UK per country is as follows:

  • England rose by £11,037, a rate of £30.16 per day

  • Wales rose by £8,706, a rate of £23.79 per day

  • Northern Ireland rose by £5,575, a rate of £15.23 per day

  • Scotland increased by £4,408, a rate of £12.04 per day.

When it comes to the parts of the England that received the biggest boost, the South East came first. There was an increase of £12,552 in average house values in this part of the country in 2020. The South West experienced an increase of £11,671 in this time-frame, while the East of England benefitted by a rise of £10,108.

Has the value of your home improved?

Gráinne Gilmore, Head of Research at Zoopla said; “The housing market has been one of the bright spots of the economy in this otherwise uncertain year. The ‘once-in-a-lifetime’ reassessment among a large cohort of homeowners around how and where they want to live has led to strong levels of demand since the end of the first lockdown. The data reflects an increased demand for additional indoor and outdoor space, and some rural locations have seen a rise in activity levels as those no longer constrained by a daily commute look for a different style of living. These factors, coupled with the stamp duty holiday, has led to one of the busiest Christmas housing markets in a decade, and has underpinned price rises of nearly 4% this year. “

If you would like to arrange a valuation of your home, even during the latest lockdown period, we can provide this service. We can currently provide a range of safe property market services, aimed at helping you make an informed move.

If you are looking for help with any matter of the property or lettings market, it is best to speak to property professionals. You can book a sales or rental valuation appointment directly on line at a time and date of your choice by clicking here or alternatively click here for individual branch contact details.