Average UK House Price Jumps To £230,700
Across the UK, average property prices are now 30% higher than they were at the peak of the market in 2007.
According to Zoopla’s latest house price index, buyers are now paying an average of £230,700 for a home in the UK. House prices increased by 5.4% in the year to June, although experts at Zoopla have suggested that the figure could begin to fall as the stamp duty holiday and the government’s furlough scheme come to an end.
Commenting on the situation, Jamie Johnson, CEO of FJP Investment, said: “The property market’s remarkable 12 months is clear for all to see, with Zoopla’s latest house price index underlying just how strong the growth has been. A pandemic-induced “race for space”, coupled with the stamp duty holiday, has obviously driven buyer demand to new highs, which has evidently been compounded by limited supply.
“The question on everyone’s lips is if, or when, the bubble will burst. For me, there is no question it will burst, probably in about a year’s time. But this is not an issue and must be seen in context – it is perfectly normal as markets recalibrate and reset.
“People will always need property, and bricks and mortar will remain an attractive investment in the UK. For now, however, it is a question of timing one’s move, whether that’s as a first-time buyer or someone building a property portfolio. We may see more growth before the market deflates – and it will then rise again. Buyers and sellers must choose when to act and it will be fascinating to see how the rest of 2021 unfolds.”