Property Review – February 2021

Our monthly property market review is intended to provide background to recent developments in the property markets as well as to give an indication of how some key issues could impact in the future.

Overview

HOUSE PRICE GROWTH SLOWS

Several recent reports have confirmed that house price growth is slowing, but there are reasons to believe that the housing market will be more stable than last year.

NEARLY 750,000 BUYERS BENEFIT FROM STAMP DUTY HOLIDAY

Almost three-quarters of a million homebuyers are in line to benefit from the Stamp Duty tax break, assuming they beat the 31 March completion deadline. This represents total savings of almost £5bn.

REGIONAL VARIATIONS IN VALUES OF FAMILY HOMES

After three lockdowns and an increase in those working from home, many people have been reassessing their housing priorities.

HOUSE PRICES HEADLINE STATISTICS

  • Average house prices in the UK increased by 8.5% in the year to December 2020
  • House price growth was strongest in the North West where prices increased by 11.2% over the year
  • The lowest annual growth was in London, with prices increasing by 3.5% over the year to December 2020