Published: 27/09/2021
The housing market has been resilient in the last few months, but what can we expect for the rest of 2021?For any homebuyer, whether you're new to the property market or an expert home mover, the 2021 housing market has been an interesting one to navigate.
From soaring demand to rising house prices, it's safe to say the property market has exceeded expectations and has even surpassed normal seasonal trends.
What has happened so far in 2021?
For three consecutive months now, the national property price average has increased to new record highs of £336K.* And according to Nationwide, property values were 13% higher last month than before the pandemic.**
Housing supply was already low before the pandemic hit last year, but it was further hindered throughout 2021 as restrictions remained in place and homeowners began the search for new homes, driven by a whole host of reasons - from the need for more space to the desire for more rural surroundings.
So what can we expect from the remaining months of the year?
House prices have reached, and continue to reach record highs this year, as reported in many house price indexes.
The continued rise in prices in August came as somewhat of a surprise for many considering normal seasonal trends and the end of the stamp duty holiday in July. However, with supply at an all-time low, buyer demand showing no signs of easing and incentives still available for buyers, this shows that we can expect a strong Autumn period in the housing market.
There is still a huge supply and demand imbalance across the country, and there are no signs that this is going to change anytime soon. For seller's, this is great news as this means more buyers per property and less competition.