Property Prices Rose In 2020 – What’s Your Value

14th January 2021 posted in PROPERTY NEWS

While not too many of us will spend a lot of time looking back on 2020, it is important to review certain matters. It was a year of extreme conditions in the property market.

For the six weeks in spring when the property market was all but closed, there were serious concerns for the industry, and the economy, as a whole.

Then, in the latter half of the year, with the stamp duty holiday in effect, there was significant demand for homes, and movement in the property market.

At Country Properties, we work locally with buyers and vendors in and around Royston, which means we know what people in our and your community think. However, we also belong in a network, which means we are well connected to the property market across the country.

As we also stay in touch with the latest findings from leading names in the housing market. According to one leading property portal, the average value of property in the UK rose by a notable amount.

Property values rose across the United Kingdom

As per Zoopla figures, the average value of property in the United Kingdom rose by £10,177 in 2020. This equates to a rise of £27.81 per day.

Homes in England received the most significant increase, rising by a value of £11,037 over the year, or by £30.16 per day.

The tally for the UK per country is as follows:

•  England rose by £11,037, a rate of £30.16 per day

•  Wales rose by £8,706, a rate of £23.79 per day

•  Northern Ireland rose by £5,575, a rate of £15.23 per day

•  Scotland increased by £4,408, a rate of £12.04 per day.

When it comes to the parts of the England that received the biggest boost, the South East came first. There was an increase of £12,552 in average house values in this part of the country in 2020. The South West experienced an increase of £11,671 in this time-frame, while the East of England benefitted by a rise of £10,108.

Has the value of your home improved?

Gráinne Gilmore, Head of Research at Zoopla said; “The housing market has been one of the bright spots of the economy in this otherwise uncertain year. The ‘once-in-a-lifetime’ reassessment among a large cohort of homeowners around how and where they want to live has led to strong levels of demand since the end of the first lockdown. The data reflects an increased demand for additional indoor and outdoor space, and some rural locations have seen a rise in activity levels as those no longer constrained by a daily commute look for a different style of living. These factors, coupled with the stamp duty holiday, has led to one of the busiest Christmas housing markets in a decade, and has underpinned price rises of nearly 4% this year. “

At the start of January 2021, Rightmove said the following about the Hitchin property market;

Properties in Hitchin had an overall average price of £431,455 over the last year. The majority of sales in Hitchin during the last year were semi-detached properties, selling for an average price of £475,052. Flats sold for an average of £237,141, with terraced properties fetching £383,288.

Overall, sold prices in Hitchin over the last year were 1% up on the previous year and 4% up on the 2017 peak of £414,178.”

While there is a lot of information to take on board there, there is guidance that sold prices in Hitchin increased by 1% compared to the previous year. The Hitchin sold prices were also 4% higher than a previous peak in 2017.

If you would like to arrange a valuation of your home, even during the latest lockdown period, we can provide this service. We can currently provide a range of safe property market services, aimed at helping you make an informed move.

Currently, in line with Government guidelines, our Hitchin branch is open and our sales and lettings personnel are on hand to assist you.  To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 452951 or email hitchin@country-properties.co.uk.