Home Prices Will Increase by 1.5% in autumn

The market continues to recover slowly.

Average house prices in England and Wales for August and September will be 1.5% higher than at the same time last year, according to Property Price Advice.

The investigation reveals that renewed confidence in the housing market continues following the relaxation of the lockdown measures. The data is based on a statistical analysis of the company’s web traffic and site visitor activity, which is translated into an algorithm to produce housing market forecasts.

Despite the increase in house prices, the market remains calmer than last year, with sales in August and September expected to be 25% lower than in the same months of 2019. Demand is expected removals in London drop almost 34% compared to last year.

“We expect prices to continue to rise slightly.”

Peter Sherrard, the founder of Property Price Advice, said: “In recent weeks, the number of requests for appraisals by moving companies on propertypriceadvice.co.uk has been increasing at a much higher rate than we have seen in recent weeks last years. Interest levels in moving houses are about 40% higher than the trend. The market is bottoming out and growing again as lockdown measures have eased.”

“We expect average home prices to rise in August and September to around 1.5% above where they were in the same months last year, taking them just shy of the £254.000 mark in August and slightly above from £ 254,000 in September.”

“Transaction levels are well below those of a year ago, although this downward trend, which started long before the COVID-19 outbreak, has stopped. Although the number of house moves will bounce unpredictably as lockdown restrictions are relaxed, the underlying level of activity is on a smooth upward trajectory through August and September.”

“We will take a close look at our data, which will provide one of the first indicators of any change in market sentiment.”

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