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UK house prices see highest growth in six years in 2020

 

UK house prices climbed 7.5% in 2020, the highest growth rate for six years, building society Nationwide found.

Prices ended the year 5.3% above the level prevailing in March, a resilience that seemed unlikely at the start of the pandemic, it said.

Housing demand has been buoyed by a raft of policy measures and changing preferences due to the pandemic here in the Vale prices are still buoyant and property is selling well.

Local estate agents West Quay Estates and lettings said "Housing on Barry Waterfront and the Quays is very popular and prices are very competitive and sought after."

"The Waterfront is nearing completion and the Hood road development Good sheds has made a massive difference to the area and is very popular with investors who are looking to invest in the town."

House prices were 0.8% higher in December than November, with the average property in Wales valued at £230,920 according to the Nationwide.

"The year has ended with a bang and not a whimper," said Lorraine Baker property expert at independent estate agents Westquay Estates and Lettings.

"There are still plenty of buyers out there competing with each other for bigger and better properties, and detached homes continue to outperform."

Flower

She said that is continuing to spur high house price growth even though buyers know they are likely to miss out on the stamp duty tax break, as conveyancing is still taking a relatively long time.

"There are several tailwinds and the housing market is making the most of them

Lorraine said buyers require more space - both inside and out for the family and to work from home - and are keen to take advantage of the stamp duty holiday if they can.

"Competitive mortgage rates show no sign of disappearing anytime soon, with lenders most notably returning to the 90% loan-to-value space, providing a further boost for first-time buyers."

Even though we are in lockdown we are still receiving enquiries and we are placing 5 new properties for sale on our web site so confidence in the housing market continues.

Agents in Wales are still allowed to conduct viewings on empty properties and both agent and the viewing public have to wear the appropriate PPE including sanitising the property before the agent leaves, also no children are allowed to view properties and conducted viewings can only be carried out if the viewing has been pre booked with the agent prior to the viewing taking place.

You can view local properties and contact West Quay Estate and Lettings via www.westquayestateandlettings.co.uk

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