UK Property Market: High Demand, Low Supply
Due to high demand and insufficient supply, house prices have remained high. With the annual house price rate growing at its fastest pace in 17 years, are we expecting a market slowdown on the horizon soon?
House prices skyrocketed during the Covid pandemic as a result of policies such as the stamp duty holiday and the new mortgage guarantee, as well as the ‘race for space,’ which saw more people opting for larger residences as the number of people working from home increased.
According to the ONS, house prices are £27,000 higher than they were a year ago, making first-time buyers keener on going for the rental alternative. Many individuals prefer to stay put in their current homes and find ways to pay for their household expenses.
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