UK house prices reach a 6 year high

Nationwide Building Society data shows house prices are up 7.3%

Mortgage Advice Lichfield

Lockdowns, working from home and Furlough have all played their part in altering the property market this year

We’ve all had to adapt over the last 12 months in our work and personal life’s. From work Zoom calls at the kitchen table, to not getting to see friends and family as much as we would like to, it’s been a tough year for everyone.

The property market has also had to adapt. Demand has remained high throughout the year and with the help of the Stamp Duty Holiday, property prices have soared. The table below shows how The Midlands property market has performed over the past year.

Area Average House Price December 2020 Annual House Price Increase
Birmingham £211,000 5.59%
Derbyshire £217,000 3.62%
Leicestershire £250,000 4.76%
Nottinghamshire £191,000 4.42%
Shropshire £237,000 2.90%
Staffordshire £202,000 4.42%
Warwickshire £311,000 3.48%
Worcestershire £273,000 1.75%

However the biggest challenge facing many sellers, is what buyers are now looking for. Our video below shows the results of a recent survey carried out across the UK and demonstrates what house hunters are now prioritising when looking for a new home.

Straight to the point…

  • Outdoor space is now top of the priority list for buyers

  • Larger kitchens which give families space are more appealing

  • Broadbands speeds are now essential for working from home

  • Rural locations are being more favoured than city living

  • Equity Select can help arrange your mortgage for your new home

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