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Average house prices have increased by 51% over the past 10 years, according to e.surv’s Chartered Surveyors House Price Index.
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On a monthly basis, house prices across England and Wales increased by 1.4% between November and December 2020.
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Throughout 2020, house prices rose by 7.8% despite the added complications of COVID-19.
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This is the highest annual increase since 2016, however the majority of growth took place in the last six months of the year as pent-up demand was released by more relaxed coronavirus restrictions.
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As a result, the average house price in England and Wales was £326,762 at the end of December.
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Richard Sexton, director at e.surv, said: “During 2020, large numbers of people across the UK were confined to their houses for long periods of time, as we battled the pandemic.
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“Over the year many people were forced to adapt their homes to function as offices, schools and nurseries.
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“This increased emphasis on where we live and where we spend so much of our lives undoubtedly helped focus many people’s minds on the property market.
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“This increased focus was reflected in the types of property that were most sought after in 2020.
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Read about the UK Housing Market via our Specialist Residential & Buy to Let Division
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“Larger, typically more expensive, properties with more outdoor space became even more highly prized, which in turn increased the price of the average transaction.
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“It’s important to remember that the pandemic which produced such an unusual year is very much still with us.
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“Everyone involved in the property market must continue to operate in a responsible manner, making use of technology where possible to support the industry while putting safety first.”
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By Jake Carter
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Source: https://uk-mortgagebroker.co.uk/news/
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