The Housing Market Remains Strong!
House prices rose 7.6% year on year in November according to the latest data released by the Halifax Index. This brings the average house price in the UK up to a staggering £253,243.
Whilst the Stamp Duty Holiday has definitely contributed to the rise, the rise in prices has outstripped the savings in many areas and the housing market is currently at its strongest since 2004.
Unsurprisingly, the biggest growth in house prices this year was after the initial lockdown in the spring where prices rose by a huge 6.5% in the 6 months following it, equivalent to £15,000.
Mortgage approval rates are also at a 13 year high, and buyers have been snapping up properties particularly in rural locations with more space.
So far, the housing market has proved itself to be resilient and strong through the pandemic.