The UK housing boom: what do the experts say?
These are the ‘hottest’ housing markets, according to those in the know
At the start of May, a local estate agent told Sky News that the housing market in Cornwall had gone “completely crazy” – and that even renting a property had become increasingly difficult, with diminishing numbers of properties on the market and ever more people looking.
There’s no sign of any let up, said Cornwall Live. Official figures show that house prices across the UK are rising at their fastest pace since the lead up to the financial crisis in August 2007 – up 10.2% in the year to March. But in Cornwall they’ve been rocketing. The average price increase in the county “is more than 50% higher than the national upturn and nearly five times that of parts of the UK”.
Structural shift
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
The hard figures chime with anecdotal reports that rural areas have seen “an influx of those fleeing cities”, as people reassess their priorities amid hopes that the freedom to work from home will become a permanent legacy of the pandemic. One of the original explanations for the boom across the country was the drive to take advantage of government incentives, such as the stamp duty holiday, said Kalyeena Makortoff in The Guardian.
But Joe Garner of the mortgage-lender Nationwide detects “a structural shift” towards “larger homes with gardens outside city centres”. That means the surge in buying – and house prices – is likely to continue when incentives end. “People don’t say: ‘Oh look, there’s a discount on stamp duty, let’s move house.’ That’s not how it works,” he said. “People are thinking of their house less as an investment and more as a home.”
Race for space
Data from the property website Zoopla backs this up, said Damian Shepherd in City AM. It reports that London is still trailing “when it comes to house price growth”, chalking up “the slowest regional rate across the UK for the sixth consecutive month” (1.9%).
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
The “hottest” housing markets – in terms both of price growth and time taken to secure a sale – are, according to Zoopla, Wales, Yorkshire and the Humber, and northwest England, said Kalyeena Makortoff. Overall, the site expects “the total value of houses sold in the UK to reach £461bn this year” – a 46% jump on 2020.
-
Today's political cartoons - November 2, 2024
Cartoons Saturday's cartoons - anti-fascism, early voter turnout, and more
By The Week US Published
-
Geoff Capes obituary: shot-putter who became the World’s Strongest Man
In the Spotlight The 'mighty figure' was a two-time Commonwealth Champion and world-record holder
By The Week UK Published
-
Israel attacks Iran: a 'limited' retaliation
Talking Point Iran's humiliated leaders must decide how to respond to Netanyahu's measured strike
By The Week UK Published
-
How toxins, heavy metals and possibly radioactive polonium are found in vapes
feature Vapers don’t know what they’re inhaling and cannot be certain of the health impacts
By The Week Staff Published
-
How to immerse yourself in the Edinburgh Fringe 2023
feature Given the scale of the festival navigating the array of shows on offer can be a challenge
By The Week Staff Published
-
Why schoolchildren are regularly being targeted by terrorist groups in many countries
feature Attacks on schools seen as a good way to bring attention to a cause by armed groups
By The Week Staff Published
-
Is Eurovision finally cool?
feature Many British fans of Eurovision speak enthusiastically about its tolerance and openness
By The Week Staff Published
-
BMW M3 Touring review: what the car critics say
feature A sensational all-rounder, the car is ‘eye-wateringly, cheek-puffingly good to drive fast’
By The Week Staff Published
-
Citroën C3 You! review: what the car critics say
feature Cheap and cheerful, Citroën’s new supermini is compact and surprisingly comfortable to drive
By The Week Staff Published
-
MG5 EV review: what the car critics say
feature The electric estate car has been given a facelift, with a sharper look and up-to-date technology
By The Week Staff Published
-
A beer sommelier’s guide to beer and food pairings
feature Annabel Smith on her favourite pairings and why beer menus should now be the norm
By The Week Staff Published