By November this year the average price of a property in the U.K was £272,992. This is £20,000 more, 10.4% more (as a percentage) than December 2020.
Now, Why might this be, you ask?
According to Russell Galley- who is the managing director at Halifax -suggests that the issue is a shortage in available properties and competition between mortgage providers to keep their rates at “historic lows.”
Shockingly, the house sales , post the stamp duty holiday, have plummeted and show a 9 year low. Many believe this is due to the COVID-19 variants which have restricted citizens from moving and economic confidence being shattered due to rapidly increasing prices of necessary goods.
What do you think can be done to increase property sales?