More than £3,000 was added to the value of the average property in May, making it a record month, according to a survey.
We teamed up with real estate giant Zoopla to find the most viewed properties after the Halifax House Price Index showed house prices rose by 1.3%.
Tom Parker, consumer spokesperson at Zoopla, said: “Three-bed semi-detached houses are proving popular in Sheffield and dominate the most viewed properties list.
“In terms of location, S5 is a hit with home hunters. It’s easy to see why with many properties for sale in this area having sought after features including gardens and off-road parking.”
Russell Galley, managing director at Halifax, said: “House prices reached another record high in May, with the average property adding more than £3,000 (+1.3%) to itsvalue in the last month alone.
“A year on from the first easing of national lockdown restrictions, and the gradual reopening of the housing market, annual growth surged to 9.5%, meaning the average UK home has increased in value by more than £22,000 over the past 12 months.“Heading into the traditionally busy summer period, market activity continues to be boosted by the Government’s stamp duty holiday, with prospective buyers racing to complete purchases in time to benefit from the maximum tax break ahead of June’s deadline, after which there will be a phased return to full rates.
“For some homebuyers, lockdown restrictions have also resulted in an unexpected build-up of savings, which can now be deployed to fund bigger deposits for bigger properties, potentially pushing property prices even higher.“Whilst these effects will be temporary, the current strength in house prices also points to a deeper and long-lasting change as buyer preferences shift in anticipation of new, post-pandemic lifestyles – as greater demand for larger properties with more space might warrant an increased willingness to spend a higher proportion of income on housing.“These trends, coupled with growing confidence in a more rapid recovery in economic activity if restrictions continue to be eased, are likely to support house prices for some time to come, particularly given the continued shortage of properties for sale.”
The Halifax figures come after the Nationwide House Price Index showed prices went up 1.8% month-on-month in May, following a 2.3% rise in April.
It means annual house price growth has risen to 10.9% – the highest level in nearly seven years.
Many will be questioning if this level of demand will last once the stamp duty holiday begins to taper off, but the UK is still faced with a major supply and demand imbalance issue, say experts.
A lack of new stock, particularly houses with outside space and in rural locations, will continue to push prices up by being outweighed by demand.
Here is Zoopla’s most viewed list, including properties in Manor and Parson Cross,
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