Will house prices in the UK continue to increase in 2021?



House prices in the UK in December 2020 rose at their highest rate since 2014 due to government intervention, as well as a change in home buyer demand in the midst of the COVID-19 pandemic.

According to data from the Office of National Statistics (ONS) of the UK published on February 17, the average house price in the UK in December 2020 increased by 8.5% over the same period last year, up 7.1% compared to November 2020 and reached a record high of 252,000 pounds (equivalent to about 350,000 USD).

Will house prices in the UK continue to increase in 2021?

House prices in the UK in December 2020 rose at their highest rate since 2014 / ph: pexels

According to economists, there are a number of reasons for the rise in house prices in the UK amid a severe economic downturn caused by the COVID-19 pandemic.

The first is the application of tax exemptions from the UK government on first residential property purchases up to £500,000, which was launched in July 2020 and will end in March this year.

In addition, the increase in house prices is due to changes in home buyers' needs and lifestyle. After months of constant indoors due to COVID-19 blockade orders, Britons want a more spacious space.  A mortgage broker in London said that with buyers' need for more space - both inside and outside - exceeds supply, the prices are definitely going up.

The desire for more space is evident in the sharp increase in demand for detached real estate, causing the price of this type of house to increase by 10%, while the price of apartments and small houses has only increased by 5%.

House prices in the UK have not increased evenly across regions.  While the Northwest was the region with the strongest increase in house prices, at 11.2%, London was the region with the lowest house prices, only increased by 3.5%.

However, industry analysts said that the price hike is unlikely to last through 2021 as the duty-free period ends and tough economic conditions will make home buyers less willing and less likely to buy a home.

Will house prices in the UK continue to increase in 2021?

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