Although many experts are predicting a huge decline in the housing market in the forthcoming months due to Covid-19. The latest monthly statistics indicate there was an increase of 1.5% in the average asking price in the last month. This means the overall increase in the last 12 months is 2.0%.
The increase of asking prices in the last month is the highest month to month surge since 2014. If you consider these figures were taken before the change in stamp duty regulations one could expect this figure to increase next month, given the substantial savings now available to any buyers.
It is reported that new sales instructions are getting to back to where they were pre Covid-19, however this is not the case in Wales and Scotland where there are still heavy restrictions in place.
Reports state that the strongest area in England is Yorkshire where there is an apparent increase of 2.7%, a significant improvement. It is also reported that in London new instructions are back to the where they were before the Pandemic, which is great news for the Country as London is generally the leader in which the other regions follow.
Whilst Yorkshire is the strongest performer in the UK the East of England is the worst however the area has still improved, which illustrates the improvement in the industry is consistent across the whole of England.
Although the average prices have increased the amount of new instructions in June compared to June 2019 was down by 9%, however given the circumstances I am sure forecasts would have predicted a higher fall.