House prices set for continued growth

Housing Supply and Demand LeicesterHouse prices set for continued growth through the rest of the year

House prices are set to grow by as much as 3% for the rest of this year, driven by a sales-tax break and resurgent demand following the lockdown.

Prices grew by 2.7% in June from a year earlier, the fastest pace in nearly two years, according to a report from Zoopla. The reopening of housing markets across the UK and the boost from the temporary tax relief will help buoy prices in the coming months, and any declines are more likely to happen well into next year.

“The stamp duty holiday is very much a south of England, southeast of England sort of incentive,” Richard Donnell, Zoopla’s director of research and insight, said. “The current surge will not be maintained; it will fade in the second half of the year as people who want to move now move and take the benefit. The staggered reopening of housing markets across countries and the added impetus from the stamp duty holiday mean we expect buyer demand and new sales volumes to hold at current levels over the next two months. The net result will be continued support for house price growth at current levels over the second half of the year. Regional cities in northern England and the Midlands have the strongest underlying trends.”

The Leicester Housing Market

“It seems that the message is now is the time to act,” said Clare Phillips, speaking as the local market in Leicester has continued to boom in the wake of the relaxation of lockdown. “This is a busy time, with many new buyers on the market, creating a sellers’ market as interest in new homes coming to the market is intense.”

Average House Price Leicester June 2020

House prices in Leicester have shown a year on year increase of 3.1 from June 2020 with a 4.9% increase on in 2019 on the year before in Leicestershire. Source: Zoopla House Price Index, this indicates an 8% rise in house prices in the region over the past two years, despite lockdown and the difficult recent circumstances.

With demand for new homes in Leicester increasing by nearly 24% and the supply of available homes down by the same percentage it is easy to see why it is a sellers’ market.

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Clare Phillips

Clare Phillips

Partner

Clare has been in the industry since 1998. Her career started as an administrator and she has worked through each role in estate agency from negotiator, sales progressor, valuer, manager and culminating in opening Phillips George as a co-founding partner. Through Clare’s career she has obtained professional qualifications with both NAEA (national association of estate agents) and ARLA (association of residential letting agents) to ensure that she delivers a first class service to all of her clients. Clare’s favourite part of estate agency and lettings is helping customers achieve their goals and making the process as smooth as possible for them.

 

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