Demand for property in the UK is rocketing
Rightmove data shows that demand for property is up 61 per cent compared to the same period last year.
The property portal states that buyer demand is outstripping supply and they feel that the main reason for this is the reduction in stamp duty.
Righmove’s expert Miles Shipside says “We always knew that the stamp duty holiday was going to be a big incentive for people to get moving this year.
“We’re also seeing a growing trend of people looking to move out of urban areas and into smaller towns, with homeowners in built up areas reassessing their housing needs and looking for places with more outside space.”
Recently, Rightmove also reported that there was a 125 per cent increase in people looking to relocate to villages. Most notably is the village of East Leake which recently featured in the Daily Mail for this very reason. Average house prices there stand at £290,005.
Some city home owners may have benefited from strong house price growth over the last few years and are now able to trade up and out into the countryside. The need to also move close to a station is now not so important as many people adapt to a life of working from home.
Nottingham city house prices are also rising faster than anywhere else in England. Property prices have risen by 4.5 per cent in the last 12 months. City house prices which grew close to this figure were Manchester at 4.1 per cent and Leeds at 3.6 per cent.
In contrast, London prices only grew by 1.7 per cent which is less than half of the Nottingham house price growth.
Ready to sell your home?
With the market in somewhat of a mini boom, a drop in stamp duty and a rise in house prices, now is a great time to move to a new home.