The average house price across 56 countries and territories increased by 4.7% in the year to 30th June, reports Knight Frank, in a Global House Price Index that “offers a glimpse into the impact of Covid-19.”
Savills’ research team has profiled four key London buyer types and how their changing wants and needs are impacting the prime residential markets. Here’s what’s making Upsizers, Extended Commuters, House Swappers, and Super-prime Buyers tick in today’s market.
“This does not feel like a re-run of 2008/09 for the UK property market,” says Knight Frank, as it forecasts minimal property price drops against a complex economic backdrop.
One in seven homes listed since the Stamp Duty holiday was announced in July sold within a week, says Rightmove, up from one in ten during the same time last year.
Another report on the post-lockdown Summer buying flurry, as Knight Frank reports “few signs of the high levels of demand we’re been experiencing since the market reopened abating.”
The latest Savills buyer survey reveals “a greater urgency in the desire to move home”, allowing the top-end estate agency to predict that the current surge in buying activity will continue beyond the summer – particularly in country markets.
A typical buyer with a 10% deposit currently has a limited choice of around 60 mortgage products, according to Moneyfacts – down from 779 at the start of March.
375 of the 378 local authorities across the UK saw more agreed sales this Summer than last, says Savills, with both London’s commuter zone and more rural locations seeing sharp rises in property market activity.
The average UK house price increased by 2.9% over the year to May 2020, up from 2.7% in April, according to the latest official UK HPI update.
A late student flurry, a glut of stock, and falling rental prices boosted lettings market activity in August, reports Knight Frank.
66,300 mortgages were approved in July, according to the Bank of England. That’s the highest since February, a 66% jump from the previous month (39,900 in June), and comes in pretty close to the level seen in July of last year.
The average “time to sell” a home has fallen by almost two weeks (31%) since lockdown restrictions were lifted, compared with the same period 12 months prior.