UK housing market 'boils' as prices rise

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UK house slotxo prices are up 7.1% year-on-year, Nationwide urged one analyst to suggest the market. "In a state of boiling"The Building Association said average real estate prices rose £ 15,916 last year to £ 238,831.Nationwide said the added savings during the shutdown meant some first-time buyers would be able to afford a home well.But prices may continue to rise because the existing homes do not meet the needs.Said Lucy Pendleton of Real Estate Agent James Pendleton: "This market is boiling.The season of stupidity may be near, that's when the seller's market sticks to a very demanding backdrop and you start to see open homes for nothing special and comeback real estate. Again Nationwide said prices rose sharply in April, up 2.1 percent compared to March.Year-on-year price growth has also accelerated, in part due to extended stamp duty extensions in England, Wales and Northern Ireland.

The outbreak has forced some residents to reevaluate their domestic preferences, with increased demand for space.Our research suggests that while stamp duty holidays will affect the timing of a residential transaction for most people, it is not the major motivating factor that motivates them to move in the first place," said Robert. Says Bert Gardner, chief economist at Nationwide.Market conditions saw some people queuing overnight outside real estate agents in Wales as new development homes entered the market. Nationwide figures are based on their own mortgage data and suggest that the market will likely continue to bustle over the next six months due to stamp duty relief.Price growth is also likely to accelerate, with demand expected to surpass the supply of houses in the market.


Increase savings

It's generally bad news for first time buyers. But the creation society said some people - with the help of their families - would be in a better position if they had the opportunity to save money during the pandemic.Typical first-time buyers will have to save £ 19,500, or about 50 percent of their gross income on a 10 percent deposit on a mortgage, Gardner said.The fact that about a third of first-time UK buyers in 2018-19 said a friend or family helped them deposit through a loan or gift suggests that the latest increase in savings will help. some Not evenly distributed, ”he said.

On the same day, Barclays boss Jes Staley said the increased savings would help build the greatest economy since after World War II in Britain.Nationwide said the long-term housing market outlook was more "uncertain".If unemployment rises at the end of the year as most analysts have predicted, there is scope for a sharp slowdown in activity," Gardner said.This figure will not last forever," said Nicky Stevenson, Managing Director of Fine & Country Real Estate. But the market may not relax until the busy summer season.