UK Property Market Recovering

House prices are soaring as the UK Property market recovery continues.

Data from Home.co.uk has revealed the soaring of house prices after lockdown measures caused a pent-up in demand and delay in sales.

However, despite a surge in supply, the total stock count remains at 9.1% lower than from data last year August 2019. The suppressed demand overtakes the new listings.

According to the latest information, estate agents were exceedingly busy throughout the month of July. This can be attributed to an influx of guidelines, new instructions and procedures as markets reopen. At the same time, properties were being snapped up left and right. Notably, new listings are made available on the market with higher asking prices.

Compared to July 2019, new inventory this year of the same month went up by 45%. This puts London agents as the busiest in the industry. The East and Southeast regions of the UK were not far behind with new listings totalling up to 29% and 30% respectively. Vendors and agents are truly making up for the lost time. Despite having an increase in monthly supply (as of writing at 22%), the UK total stock for sale continues to remain at a lower number compared to data from last year. Data analysis would indicate that at a national level, the market is still far from getting saturated, although regions like London may soon be entering a period of oversupply.

For a third consecutive month, Scotland, Wales and all English regions are witnessing prices going up again. The bullish price hikes are noticeable in Scotland at +3.6% and Yorkshire at +2.3%.

Meanwhile, Greater London and the East of England are more cautious in their price-setting going for only 0.5% and 0.6% respectively.

The recent data points to North West and Yorkshire as the best performing regions for their year-on-year growth. The former uptrends at 6.7% while the latter at 8.1%.

In comparison to August 2019, England and Wales have an impressive +3.3% annualised mix-adjusted average price growth. Last year, data show that the annualised rate of increase in home prices was only at -0.2%.

Meanwhile, the supply in the rental sector across the UK has mostly recovered. The Greater London area shows an increase in properties available compared to available rent from 2019.