Thousands of aspiring homebuyers flooded the property market when it reopened last May, as pent-up demand, combined with new enquiries from buyers reassessing their property needs during Lockdown 1.0, created a surge in demand.
This was further intensified by the Stamp Duty holiday.
House prices in the UK climbed 7.5% last year, the highest growth rate for six years. Amongst the home nations, England saw the highest growth last year, with prices up 6.9%, prices rose 6.6% in Wales, 5.9% in Northern and 3.2% in Scotland.
Even as the wider economic recovery lost momentum in recent months, housing market conditions have remained robust and in October, mortgage approvals reached their highest level in a decade.
Your home may be repossessed if you do not keep up repayments on your mortgage
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(Your home may be repossessed if you do not keep up repayments on your mortgage)
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