House prices soar in 2020

House prices soar in 2020

Since the start of the year, house prices have soared 7.5%, adding – on average – up to £18,000 to a property's value.
 
This latest analysis from Halifax is welcome news to homeowners looking to sell, as it provides many with an incredible incentive to reap the benefits this winter.
 
After initial concerns around the COVID-19 crisis and its impact on the housing market, we're now seeing the average house price rise to a record-high of £250,457 outside London.
 
What is behind this price jump?
 
Over the country's first lockdown, pent-up demand reached new heights, meaning that when the market reopened in May, buyers and sellers were quick to react.
 
Paired with the introduction of the stamp duty holiday, this has caused a tremendous surge in the amount of people hoping to buy or sell this year.

Looking back on the second lockdown, it's clear to see activity hasn't been dampened by the reintroduction of tougher measures – especially considering that the market remained open and active this time around.

In the following weeks and months, the stamp duty holiday will prompt buyers to tie up deals before the deadline at the end of March 2021, with savings of up to £15,000 on offer.
 
Whilst it's unclear how the government will respond next to the pandemic, many property experts remain convinced that the property market will only grow.
 
With prices soaring and the stamp duty holiday enticing buyers to commit, this is truly a great time to sell.
 
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