Demand spikes after Budget while new supply still lags. The post-pandemic ‘search for space’ means average time to sell for houses
falls to 42 days, some 20 days less than flat
Annual UK house price inflation +4.1%
House prices climbed by 0.5% between December and February, taking the annual rate of growth to 4.1%. This is down from 4.4% growth in January but marks the fourth consecutive month price growth has been above 4%, matching levels last seen in summer 2017. Price growth ranges from 5.7% in Wales and 5.3% in the North West of England to London, trailing with 2.3% growth, as illustrated on the map, page 6.
Meanwhile, Liverpool and Manchester continue to show the strongest levels of annual house price growth at a city level, at 6.6% and 6.4% respectively, while prices in Aberdeen are down 1.3% on the year
Post-Budget spike in demand for housing
The Chancellor’s announcement of a stamp duty holiday extension and 95% mortgage guarantees created a 24% spike in buyer demand in England and Northern Ireland the days following the Budget, as more first-time buyers and movers entered the market.
Average buyer demand levels since the start of this year are running 13% higher than average levels across the whole of 2020.
