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UK House Prices Hit New High

Average house prices are up 30% since the market peak in 2007 as successive lockdowns prompt buyers to search for more space.

The average value of a home in the UK has reached £230,700 – 30% above the previous market peak in 2007.

House prices have been driven higher by a mismatch between the number of homes for sale and surging demand from potential buyers.

And a pandemic-led clamour for more space is making family homes particularly sought-after, with demand for this type of property more than doubling during the past year alone.

House price growth continued to gather pace in June, with property values increasing at an annual rate of 5.4%. That’s more than double the growth of 2.2% seen during the previous 12 months.

Northern Ireland and Wales saw the strongest house price growth at 8.6% and 8.4% respectively, the highest rates for 16 years in both countries.

At a regional level, house price growth was at its highest in the north west and Yorkshire & the Humber.

And at a city level, LiverpoolBelfast and Manchester took the top three spots. In fact, cities in northern regions, where property remains more affordable, accounted for nine of the top 10 places with the fastest house price growth.

Meanwhile, house price growth in London has been trailing the rest of the UK for eight months, and this month was no exception.

What could this mean for you?

First-time buyers

While buyer interest for houses has more than doubled as a result of the pandemic-led search for space, demand for flats is broadly unchanged from a year ago. So it could be a good opportunity to purchase an apartment.

That said, expect to see competition from other people taking their first step onto the property ladder, with lending to first-time buyers up 25% compared with 2020.

If you’re after a helping hand, the government has a number of schemes aimed at assisting first-time buyers, including Help to Buy and the new 95% mortgage guarantee.

And remember that that there’s also stamp duty relief available for first-time buyers that goes beyond the current stamp duty holiday.


The number of homes for sale has failed to keep pace with demand from potential buyers since January, with no sign of a rebalance expected to play out imminently.

You could be in a strong position to secure a quick sale on your existing home at a good price – particularly if you own a house that’s suitable for a family.

Discover how sought-after your home could be by using our handy map tool. And use our My Home experience to get an estimate of how much your property is worth to help you plan for your next purchase.

When it comes to searching for your next property, the limited number of homes on the market means you are likely to have less choice. So register with us to receive alerts whenever a property that meets your criteria is listed for sale.

You could also face stiff competition from other potential buyers. Be sure to find out from our estate agents how to put yourself ahead of the pack, from getting your paperwork in order, to lining up your mortgage brokers and solicitors in advance.

By Nicky Burridge


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