Zoopla’s recent House Price Index (HPI) has shown that there is a huge increase in demand from property buyers, with the supply of property listed struggling to keep up.
Lockdown reduced the stream of new supply and agreed sales by 90% – the collective growth in new supply and sales over 2020 (1st January to 19th July) remains almost 20% lower than the same period of 2019.
Overall levels of sales stock are 10% lower than this time a year ago, with demand for housing running ahead of last year.
What does this mean for you?
There is certainly not a shortage of people with a desire to move, in a position both financially and legally, and motivated to buy across South Yorkshire and North Derbyshire. There has never been a better time to put your home on the market and maximise its value!
To put it into perspective, we have registered an average of 11 buyers for every one property listed since the market reopened on 14th May.
Other key findings from Zoopla’s HPI show that the UK house price inflation in the 12 months to June 2020 edged higher to +2.7% – the highest level of annual growth for almost two years. In Sheffield, the average house price has increased by 2.8% year-on-year for June 2020. This statistic is excellent news for local homeowners looking to cash in on their investment.
What to expect going forward?
A recent Zoopla survey of 2000 households found 55% of those who commute now expect to do so less often, while the top change in priority was to have a garden or outside space. We believe there will be an increase in demand in areas where the supply of this type of housing is more readily available.
The outlook for the housing market is extremely bright. Pent up demand, along with the stamp duty holiday, means Zoopla is predicting levels of demand and new sales to remain above pre-lockdown levels over the next one to two months. They expect the headline UK house price index to stay in the 2-3% annual growth range for the remainder of the year.