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Housing market set to be busiest since 2007, Zoopla says

This year’s housing market is on course to be the busiest since 2007, according to a property website.

Around 1.52 million UK house sales are expected across 2021, up by 45% compared with last year, Zoopla said.

The value of homes sold in 2021 is projected to reach £461 billion, up by 46% or £145 billion.

The website said that, with average annual transactions rarely exceeding one million to 1.2 million per year over the past decade, this would mark the highest sales figures since 2007.

The stamp duty holiday in England and Northern Ireland and its subsequent extension has provided an added impetus for many people to purchase a home, its report said.

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Households who have the opportunity to commute less frequently have more options when it comes to choosing where to live, and this could prompt a move

Grainne Gilmore, Zoopla

It said the hottest sales markets currently include Wales, Yorkshire and the Humber and the North West of England – particularly Liverpool, Manchester, Wigan and Burnley.

Some areas are bucking the trend, with properties in inner London taking nearly two weeks longer to go under offer typically compared with 2020.

Homes in Southampton, Gloucester, Edinburgh and Coventry are also spending longer on the market, although price growth remains positive across these cities, Zoopla said.

Read about the UK Housing Market via our Specialist Residential & Buy to Let Division

The website said that overall, 2021 is projected to be among the 10 busiest years since 1959.

Grainne Gilmore, head of research at Zoopla, said: “Households who have the opportunity to commute less frequently have more options when it comes to choosing where to live, and this could prompt a move.

“Likewise, older households will continue to review how and where they are living, with many more set to move for the first time in years. With an increased array of mortgages to choose from, first-time buyers will also remain active in the market.

“At the same time, supply constraints will continue to underpin pricing. The lack of supply is expected to hamper potential sales during this year, yet even so, we expect total transactions this year to rise to 1.5 million, marking one of the busiest years in the UK’s residential market in more than a decade.”

Source: Express & Star

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HMRC: Housing transactions rise in January

Housing activity increased on both a yearly and monthly basis in January, HMRC statistics show.

In January 2020 there were 102,810 residential transactions on a seasonally adjusted basis, 5.2% more than the same month last year and 4.1% more than December 2019.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said: “Transactions are always a better indicator of market activity than more volatile house prices. HMRC’s report is the latest in a series of recent surveys telling a familiar story – release of pent-up demand began even before the election, which we’ve noticed in our offices too.

“The increase in transaction numbers is particularly striking as they reflect sales which were agreed mainly in September and October. If they are like this now, numbers are set to be even stronger as we approach the peak spring-buying season.

“However, the strength of any recovery will probably depend on whether enough properties become available at realistic prices for buyers taking advantage of improved affordability.

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“The market remains price sensitive so buyers will not pay tomorrow’s prices today.”

Joseph Daniels, founder of offsite eco developer Project Etopia, said: “The UK is finally exhibiting some get-up-and-go in terms of sales volumes.

“This is the second month in a row that the market has chalked up annual growth on a seasonally adjusted basis, and the second month in a row that the total has smashed through the 100,000 mark.

“The rate of growth also remains impressive, coming in at 5.2% for January, following 6.8% year on year growth in December. On a non-seasonally adjusted basis the annual growth rate last month hit 12.7%.”

Daniels added: “This is great news long term for first-time buyers and the wider house building industry but it needs to be sustained.

“No flash-in-the-pan rise in sales volumes is going to fix the problem of low housing stock in Britain and these green shoots need to bloom into a lasting recovery.

“The level of transactions has been down the road to ruin over the past 10 years and had fallen annually for eight straight months prior to December on a seasonally adjusted basis, but at least they now seem to be back in the ascendency.”

BY RYAN BEMBRIDGE

Source: Property Wire