By Legal Futures’ Associates SearchFlow
SearchFlow, the UK’s leading property search provider in residential and commercial markets, today responds to the latest House Price Index from the Office of National Statistics, which shows a rise of 4.7% in the year to September 2020, with average prices now standing at £245,000, a rise of £11,000 since September 2019.
Dr Tom Quirke, managing director of SearchFlow: “The demand for property continues to grow at pace as we move through 2020 and the house price data from the ONS shows average prices are reflecting this market surge. Unlike previous years, we aren’t seeing the typical market peaks and troughs’ that usually occur in holiday periods or in the run-up to Christmas; instead instructions have been steadily increasing, buoyed by the Stamp Duty holiday and the prospect of a Covid-19 vaccine re-energising the financial markets.
“What is interesting to see is where the hotspots are with the ONS reporting that the South West has seen the highest increase of 6.4%, followed by the North West at 6.0%, compared to just 4% in London. This indicates that demand in areas outside of major conurbations have grown as people consider relocating from commuter belts to more rural areas, now remote working has increasingly become ‘the norm’. It will be interesting to track this trend for the remainder of the year.”
To download the latest Office of National Statistics House Price Index, click here.
For more information on SearchFlow, call 0870 423 2922, email email@example.com or visit info.searchflow.co.uk/continuity-property-solution.