Advertisement
Singapore markets closed
  • Straits Times Index

    3,224.01
    -27.70 (-0.85%)
     
  • Nikkei

    40,369.44
    +201.37 (+0.50%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • Bitcoin USD

    69,985.04
    -820.79 (-1.16%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • Dow

    39,807.37
    +47.29 (+0.12%)
     
  • Nasdaq

    16,379.46
    -20.06 (-0.12%)
     
  • Gold

    2,254.80
    +16.40 (+0.73%)
     
  • Crude Oil

    83.11
    -0.06 (-0.07%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • FTSE Bursa Malaysia

    1,536.33
    +5.73 (+0.37%)
     
  • Jakarta Composite Index

    7,288.81
    -21.28 (-0.29%)
     
  • PSE Index

    6,903.53
    +5.36 (+0.08%)
     

Property expert explains why the UK’s housing market is booming and what might happen next

Tim Bannister from Rightmove talks to business correspondent Ben Chapman  (The Independent )
Tim Bannister from Rightmove talks to business correspondent Ben Chapman (The Independent )

House prices have risen rapidly since the start of the pandemic as people have sought more space and taken advantage of tax breaks on buying a home.

At the same time, households work during the pandemic have spent less money, allowing those that have still been in work to save up for a deposit.

After the property market was temporarily paused in March last year, activity surged, with the number of sales reaching a new record high.

The average sale price of a home in England jumped 10.2 per cent in a year from the start of the pandemic in March 2020.

Experts have suggested that the latest data indicates some early signs the housing market may be cooling but much uncertainty remains.

ADVERTISEMENT

However, with interest rates remaining very low, some analysts are predicting that prices are set to continue on a seemingly relentless upward march.

The situation also raises questions about how sustainable it is for property prices to rise faster than wages.

For all the latest updates, analysis and quizzes delivered to your inbox for free browse our full range of newsletters

All of these factors mean there is lots to consider for anyone thinking of buying or selling a property.

Watch the full interview in the video below

Tim Bannister, director of property data at Rightmove, answered readers’ questions about what is impacting the market at the moment and what might be coming further down the line.

Read More

What will the return of Help to Buy mean for the property market?

Nearly half of first-time buyers ‘have had a property purchase fall through’

How long can the UK’s post-lockdown housing market boom last?