The property website, Zoopla has speculated that demand for houses will continue to rise into 2022 as buyers go on the hunt for more space in the aftermath of three UK lockdowns.
The average house price is said to has climbed by 7.3% over the past year to reach a new high of £230,70, further supported by an overall shortage of homes on the market — down 25% in the first half of the year compared to 2020.
Despite the reduction in stamp duty savings, there is still a high demand for houses which offer spare bedrooms and outdoor space within more rural settings, as a response to almost a year and a half of lockdowns and people spending more time at home.
According to Zoopla, the price of the average UK house has jumped by 30% since 2007, when a typical house cost just £177,300. In June alone, house prices were up 5.4% year-on-year, although buyer demand dipped 9% in early July because of the stamp duty holiday coming to an end.
And sales agreed this year are still 22% ahead of average levels in 2020.