Zoopla predicts the busiest real estate market of 14 years
The total value of homes for sale across the UK is projected to reach £461 billion in 2021, an increase of 46% from the previous year.
This is according to an analysis by Zoopla, a property platform that hopes the housing boom will continue.
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According to the report, it could become the busiest real estate market of 14 years.
Last week, the National Bureau of Statistics said average UK home prices rose 10.2% per year in March. Even before the financial crisis, it was the fastest annual growth rate.
Zoopla also confirmed that home sales are expected to reach 1.52m in 2021, up 45% from the previous year. Therefore, the value of the home sold this year is £461 billion.
Sundeep Patel, sales director for Specialist Lender, commented on factors that lead to stronger growth than expected.
“Demand for homeownership across all customer bases shows no signs of mitigation. Buyers are making the most of their stamp duty extension ahead of July 1. In fact, this year The total amount of homes sold in the UK is projected to reach £461 billion, an increase of 46% in 2020,” Patel said.
“That being said, record low interest rates and government incentives are clearly driving activity, but there are serious supply and demand issues that will be cautious in the long run. Certainly, recovery from the pandemic It is difficult to predict what the real estate market will look like when doing so, but given the financial considerations posed by the pandemic, flexibility is a top priority for future hopeful borrowers and their needs. I’m sure it will happen.”
A survey by progressive homeowner provider Wayhome shows that 58% of UK renters consider buying a home a priority despite putting many people’s plans on hold has been revealed.
Owning a home takes priority over getting married, participating in a civic partnership (49%) or entering early retirement (30%).
The lockdown has caused a temporary halt in the housing market for a significant portion of 2020 and home prices continue to rise, but 45% of 18-23 year olds remain unshakable in their desire to own a home.
