Milnrow & Newhey May 2021

LATEST PROPERTY UPDATE
PROPERTY UPDATE
“WITH DEMAND
AND PRICE AT AN
UNPRECEDENTED
HIGH, NOW IS THE
TIME TO ACT.”
Adding the ‘stress’ of moving to the difficulties of
the pandemic may be off-putting to some. However,
we give an insight into why it could be the perfect
time to get into the market...
BUYER DEMAND MAKES HUGE JUMP
In the week following the Budget announcement,
buyer demand spiked by 24% as people scrambled to
take advantage of the stamp duty holiday extension.
Overall demand was also 80% higher in that same
week compared to the same time period over the
previous four years, due to a combination of the tax
break and the ‘search for space’ triggered by the
Covid-19 pandemic.
But the supply of new homes coming on to the market
remains constrained, putting further upward pressure
on prices, according to our latest House Price Index.
These factors contributed to annual house price
inflation of 4.1% in February, more than double the rate
of 1.8% recorded in the same month of 2020.
Unsurprisingly, the mismatch between supply and
demand is continuing to drive house prices higher.
The typical value of a home is now 4.1% higher than at
the start of the first national lockdown in 2020, with
prices rising by an average of £8,907 during the past
year or £750 a month.
February marked the fourth consecutive month during
which house price growth was above 4%,
40 To advertise call 07976 289967 or 07974 434793 or email sales@streetwisemag.co.uk