Despite a challenging year, it’s safe to say that despite the ongoing pandemic and the impacts of Brexit, the UK property market has remained buoyant – supported in part by the Government’s measures on stamp duty. According to the latest Land Registry House Price Index (UKHPI), in September 2020 the average house price in the UK is £244,513, and the index stands at 128.24. Property prices have risen by 1.7% compared to the previous month and risen by 4.7% compared to the previous year.
In Norfolk, average property prices rose by 5.1% in the last 12 months, with most of that increase coming since the first lockdown and introduction of the stamp duty holiday, the latest data available from the Land Registry has confirmed. The average price for detached homes has risen the most with a jump of 3% in September alone. Overall, there has been lower demand for flats, which have remained at their 2019 levels. This is partly because of an increase in the supply of new-build apartments. From the buyer’s perspective, this means that apartments are good value for money and could represent an excellent purchase opportunity.
Remember you only have until 31 March 2021 to take advantage of the stamp duty holiday.
At Watsons we understand that everyone’s move has a different story to tell and we are here to assist, advise and inform you. Our goal is simple – to provide a best in class service through each stage of your property transaction. For more information on our services contact us on 01603 619916 or via our website.
