UK House Prices Fall as Buyers Surge to Find More Homes
According to data from property portal Rightmove, the number of sales agreed is up by 9% so far year-on-year in January. Sellers are continuing to price very competitively, with newly-marketed property asking prices down by about 0.9% — £2,887 ($3,920) — on the month.
Property prices are falling as buyers surge to find more homes amid the COVID-19 pandemic, despite slim chances of beating the stamp duty holiday cutoff date. Many sellers may still be hoping to find a buyer and complete the sale before the stamp duty holiday comes to an end on 31 March — though the odds are stacked against them.
Despite temporary market closures in 2020, people’s housing needs meant the number of sales agreed was up by 10% for the whole year compared to 2019. With the UK once again in lockdown, there are early signs it will surpass 2020’s new-year surge in activity, with the number of prospective buyers contacting agents between 2 and 12 January up 12% year-on-year the number of buyers contacting agents rose by 12%.