The average UK house price in 2020 rose by £13,316. Covid-19 sparked a ‘race for space’ amongst those fleeing cities and searching for bigger homes in the country or by the coast. UK house prices have soared after lockdown ended, and Rishi Sunak cut stamp duty in England Northern Ireland till 31 March 2021.
In January 2020, the average home started at £239,927 before rocketing too £253,243 by the end of November.
The pandemic, lockdown and working from home has triggered remarkable changes in what prospective buyers want in a home. Open plan living is no longer as popular, while a study and garden have become a non-negotiable priority. House hunters want ‘detached’, ‘rural’ and ‘secluded’ homes away from metropolitan city living.
Greater Manchester has become Britain’s property hotspot of 2020, with average prices for a three-bed terraced and semi-detached homes jumped by 16%. On the contrary, the former popular commuter town Sevenoaks, Kent, experienced he biggest fall in 2020, with a typical property falling by £12,500.
The pace of the increase in house prices is unlikely to continue in 2021. The stamp duty holiday will come to an end, furlough will also end which could spike an increase in unemployment, and the Help to Buy scheme is being remodelled to focus on first-time buyers only.