Key Highlights
- UK home sales could total $652.6B in 2021
- Home sales in Los Angeles stronger than ever since 2004
Deal Volume in UK Expected to Rise +68% Over 2019 Levels
Zoopla is forecasting that the value of all home sales in the United Kingdom during 2021 will reach L461B or US$652.6B. Such a forecast on deal valuations in the UK would represent a jump of 46% compared to 2020 and 68% higher than in 2019.
Zoopla expects the number of UK home sales to hit 1.52M in 2021. If this expectation were realized, the 2021 housing market would be one of the most active sales markets since 2008 and one of the top-10 busiest years since 1959.
Home Sales Forecast Buoyed by Rising Home Prices
Home prices increased +4.1 y/y in April 2021.
The UK’s housing supply and demand imbalance has only worsened. Inventory is currently down -20.8% in the year to mid-May compared to last year’s average at this same time.
Natural Fall in UK Demand Coming?
According to Grainne Gilmore, Zoopla’s head of research, “…the easing of lockdowns will continue to cause a natural fall in demand as people are able to see family and enjoy amenities that have been shut for more that a year.”
However, Gilmore added that additional buyer demand may come during the second half of 2021 “as office-based workplaces confirm if they will be pursuing more flexible working practices. Households who have the opportunity to commute less frequently have more options when it comes to choosing where to live…”
Los Angeles Home Sales Showing Best Start to Year Since 2004
From Downtown to Malibu, Los Angeles saw its highest home sales in Q1 2021 since 2004, according to a recently released report by Douglas Elliman Realty and Miller Samuel Appraisers.
Home sales increased nearly +40% y/y.
The median Sale Price Hit $1.6M
The median sale price in this affluent stretch of greater Los Angeles hit $1.6M during Q1 2021. This $1.6M represents the second highest median home price on record and an increase of +2.6% y/y.
Median Price for LA’s Luxury Sector
The median price for a luxury, single-family home in Los Angeles during Q1 2021 was $10.2M, an increase of just +1.4% y/y.
The Elliman-Miller Samuel report indicated that discounts on luxury homes began to drop off during Q1 2021. Instead of sellers cutting -10.3% off the purchase price as was done in Q1 2020, sellers cut -7.7% off the purchase price in Q1 2021.
Thanks to MansionGlobal.
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