UK property market continues to make waves

Recent research figures from online housing website home.co.uk have outlined the growing demand for UK property. Prices have continued to grow, as more look to invest in one of the worlds strongest property markets

Across the country, certain developments are moving through the market more rapidly overall than was observed in pre-COVID years. Confidence has risen significantly following the rebalancing of supply and demand, as demonstrated by a return to modest year-on-year price growth overall.

Price growth is to be expected during spring, the size of the price rises in several regions surpasses the norm. Confident vendors in the South West and Yorkshire hiked prices so much during the last month that the mix-adjusted average rose by 1.7% and 1.6%, respectively.

Moreover, they are not alone, as the North East, Wales, and West Midlands also show month-on-month price hikes above 1%. Such rapid price hikes may not be entirely justified by current demand, although given the fact that the typical time on the market for unsold property is now lower than it was in April 2019, there is some cause for confident pricing.

Positive market sentiment has triggered a rise in new instructions. The total of new market entrants during the last month is 12% higher than a year ago, affording greater choice for buyers.

Demand is also increasing as previously hesitant homebuyers return, comforted by price stability and the probable end to rising interest rates.

With so much positive sentiment surrounding the UK property market, now more than ever is a great time to invest.