The latest house price index data from Zoopla suggests that UK property is selling over 30% faster than this time last year.
This is good news for the property economy in the short term which has been demonstrating month-on-month growth since it’s dip of 1.7% in May following lockdown introductions by the UK government.
The lockdown measures provided challenges for the property market with restrictions on viewing arrangements and house-moving procedures which put a hold on the market. We have seen a strong return to growth since the lessening of the restrictions with home-movers and investors alike taking the opportunity once again to purchase UK property and this trend appears to be continuing.
Mark Pereira, Investments Director at RESONATE PROPERTY adds “Our latest data echoes the statistics presented by Zoopla. The housing market has shown a strong bounce back following the restrictions imposed by the UK Government. It will be interesting to see how long this growth in activity and MoM prices can be sustained and we’ll be keeping a close eye on proceedings over the coming months. The UK property market remains highly attractive for investors and our overseas clients have been making the most of the opportunities that the buoyant market presents.”
Focussing on the Sheffield area of the UK in particular, we have seen a real increase in both the quantities and prices of offers over the past couple of months as buyers snap up properties in the rising market. Given the huge increase in market activity, it isn’t surprising that the speed of sale is up over 30% compared to this time last year. If you are investing in property it is important to keep an eye on where the market is going in the short to medium term. We have forecast a number of changes to the market over the coming 6 to 12 months which appear to affect the buy to let and HMO markets in particular so keep an eye out for further updates from us on UK property prices and the market changes.
Be confident investing in property over the longer term
Although uncertainty remains for the medium term within the property market, there are excellent opportunities for investments over the longer term. Long term investments with strong fundamental factors serve investors well; don’t fear a market dip if your goal is to build long term wealth.
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