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Zoopla’s House Price Index report for August 2020 shows demand continuing to outstrip new property supply coming onto the market.
It’s one of the key fundamentals that underpins the UK property market for investors.
And new research from Zoopla underlines Britain’s continued property supply to demand imbalance.
According to the portal’s House Price Index for August 2020 (published on 28th September 2020), demand for property in the UK increased by 39% between June and September, as more people looked to buy a property following months in lockdown.
However, over the same period, new property coming onto the market increased by just 10% in comparison, reaffirming the UK’s continued undersupply of property. Demand for real estate is also now 39% higher than at the same stage last year.
This has, naturally, resulted in further growth for average property values nationally. Year-on-year, average UK property prices were 2.6% higher in August 2020 than they were in 2019.
Regionally, the highest uplifts have been in the North West and Yorkshire, with both regions posting 3.3% year-on-year growth in August. London, while showing moderate gains in recent months, still posted year-on-year growth below the national average at 2.4%.
A combination of government incentives and pent-up demand has led to increased activity levels in the UK property market.
In June, after a strict three-month national coronavirus lockdown, the market ‘reopened’ for buyers, sellers and constructors. Life in lockdown created a wave of pent-up demand from those looking to buy and sell their homes, with the added incentive of a ‘stamp duty holiday’ from the UK government on all transactions made before 31st March 2021.
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