With a total stock of homes for sale constrained and down 24% in June, demand remains high compared to the 2020 average. Price growth hit 10-years high in Wales, Yorkshire and North-East England, Zoopla reported recently.
Buyer demand remains elevated despite the long stamp duty holiday. Price growth of almost 5% lifted 1.8 million UK homes into a higher range of stamp duty. As you can see from the graph below, demand continues to outstrip the supply of homes.
How demand outstrips supply of homes
Source: Zoopla Research
The most affordable city in England is Hastings, where the household income needed to buy is just £43300. The next city down the coast with similar amenities is Brighton, where you will need £71000.
The only monitored city of Aberdeen displays annual house price drop of 3%. House prices in London are up 2.2%. The average property in London now cost £487.300.
The real estate market moves fast, perhaps the fastest in 5 years. Homes on average are sold in just 22 days, comparing to 42 days in May 2019. If you are going to buy a family home in the UK, you have to act fast.
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