With the Stamp Duty holiday coming to an end, January's small decline in house prices was expected to continue into the next month. Not so, as February reversed that decline and then some. The figures from Nationwide and Zoopla...
Demand for property continues to defy expectations with all of the major portals seeing bouyant activity. Rightmove report a 45% increase in site visitors over last year, with buyer enquiries up by 18% and sales agreed by 7%.
With new listings down substantially, this has translated into another uptick in prices - 0.7% according to Nationwide.
The numbers -
The big picture - Nationwide
This increase is a surprise. It seemed more likely that annual price growth would soften further ahead of the end of the stamp duty holiday, which prompted many people considering a house move to bring forward their purchase.
City-by-city - Zoopla/Hometrack
Robust levels of demand signals the continuation of a trend that we have highlighted since the summer last year. While stamp duty has prompted higher levels of activity, there is still a cohort of buyers and movers who are looking for a new home after a reassessment of how and where they are living after repeated lockdowns, and the rise of working from home. The data points towards a ‘search for space’ among some buyers.