One in 16 homes in the UK will have changed ownership in 2021.

UK Housing Demand, Pricing and Sales Up in October

With demand, prices and sales up in October, the UK is on track to deliver its strongest housing market since 2007.  Between October 2020 and October 2021, according to the latest Zoopla UK House Price Index Report, one in 16 homes will have changed hands by the end of this year.  If realized, this would make 2021 the UK’s busiest year for housing transactions since 2007.

UK home prices increased nearly +7% m/m in October.  The average home price hit L240,000 or US$319,161, according to Zoopla.   On an annual basis, UK home prices increased approximately +15%.

READ: 2022 Top Agent Success Secrets [Revealed]: New FREE Real Estate Coaching Web Event, Revealing 17 Surprising Secrets Of The Top 100 $ Millionaire Agents. Get Your FREE Spot For The 2022 Real Estate Coaching Webinar Now. After You Have Attended This Event You Will Have A Huge Feeling Of Relief Knowing You Will FINALLY Laugh At Your Money Worries – You Will Have Your Own Personalized 2022 Step-By-Step Business Plan. Learn Now How To Generate 100’s of Motivated Leads for FREE, Without Coming Off As A Pushy Salesperson and Losing Your Soul. You Will Soon Know How To Become One of the 1000s of Agents Making HUGE Money Who Never Thought They Could. YES, I Want To Attend The FREE Webinar! <——Click To Register

Supply and Demand Imbalances Drove Home Price Increases

As in nearly every housing market across the globe, price increases in the UK continued to be driven by the combination of rising demand and shrinking inventory.

In mid-October, demand in the UK was up +19% above the country’s five-year average.  Total inventory of housing stock for sale was -40% below the five-year average, all according to Zoopla.

 Light at the End of the Tunnel in 2022?

Zoopla’s analysts are expecting an increase in inventory after the holiday season.  Zoopla’s head of research and author of this latest report Grainne Gilmore said, “New supply will start to rise at the turn of the year as households use the holiday period to make a decision around making a move.”

Building upon data indicating that home price growth slowed slightly from August and September, and that quarterly home price growth in October slowed to 1.2% compared to July’s 2.8% growth, Gilmore said,” House price growth is starting to ease, although the path over the next year will not be linear.  We expect UK average price growth to end 2022 firmly in positive territory at 3%.”

Three Northern Cities in the UK Saw Steepest Home Price Growth

October’s home price growth was the steepest on a year-over-year basis among three northern cities:

  • Liverpool – +10.6%
  • Manchester – +8.7%
  • Sheffield – +7.9%

At +10.8%, Wales saw the highest regional rate of house price growth.

Thanks to MansionGlobal.





Claim Your FREE Real Estate Treasure Map!