Target Property Services NE

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02nd June 2021

The Housing Market Continues to Flourish

UK house prices soared 10.9% in the year to May, the highest level in seven years, according to the Nationwide.

The average house price has risen to £242,832, up £23,930 over the past twelve months.

Buyers are in a “race for space” as they seek larger homes and properties with gardens, Nationwide said.

“The market has seen a complete turnaround over the past twelve months,” said Robert Gardner, Nationwide’s chief economist.

A year ago, activity collapsed in the wake of the first lockdown with housing transactions falling to a record low of 42,000 in April 2020, he said.

“But activity surged towards the end of last year and into 2021, reaching a record high of 183,000 in March,” Mr Gardner said.

He added that the extension of the stamp duty holiday from its original end date of March helped to maintain momentum in the market, but it is not the key factor pushing up prices now.

“It is shifting housing preferences which is continuing to drive activity, with people reassessing their needs in the wake of the pandemic,” he said.

According to the building society’s research, there’s “a race for space” with people moving to access a garden or outdoor space more easily. “The majority of people are looking to move to less urban areas,” Mr Gardner said.

Thinking about selling? Think Target: https://targetpropertyservices.co.uk/

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Testimonials

I would highly recommend Target Property Services NE. Joe has been fantastic support to getting my first home and very quick at responding to any questions or queries I've had about the property. Very friendly and very professional.

- Grace

We had to organise our house move at short notice and although there was quite a lot of work to be done before we could move into the property, Joe went above and beyond to ensure everything was sorted for our moving in date. He is always very patient and quick to answer any queries and resolve any issues that may arise. We cannot recommend his company highly enough - Elliot

- Elliot and Kana

I would like to thank Target Property following the sale of our house. It was a pleasure to work with this estate agent. Always very professional, quick to respond to queries and they kept us informed throughout the process. Our house sold within a day which was just amazing. Could not fault the service we received and would highly recommend to anyone. Many thanks.

- Simon and Vicky

Great local estate agent with a personal touch! Joe knows the local market, and has dealt with rentals and a sale for me. He is very responsive and pays attention to detail for landlords and tenants alike! Would highly recommend

- Rachael

We found our dream home that was ideal for our family, but the estate agent wouldn't accept our offer until we had our own property sold first. After trying a couple of other agents in the area who were quoting a week to 3 weeks to get to us due to high demand because of the Stamp Duty holiday, we got in touch with TPS. Within 48 hours our house had been valued, pictures taken and was listed online. We had our first couple of viewings within 72 hours, and had accepted an offer within 1 week! I truly believe we wouldn't have got our new house if it wasn't for the swift response of Joe at Target Property. They also managed to get us a competitive solicitor quote and kept us up to date with the process, saving us additional time and phone calls. Thank you!

- George and Maria