Zoopla: House prices exceed pre-crisis levels
It has taken 12 years for house prices in all UK cities to return to their highs before the financial crisis. The recovery has varied from 2.3 years for London’s recovery to 12 years for Newcastle. Housing prices are currently being supported by an imbalance between supply and demand. This is expected to continue in the first half of 2020. Affordability pressure is however limiting the scale of the price growth. Without budgetary relief in the form of stamp duty reductions this is not expected to change.
- The data shows that demand is outpacing supply. It outlines that the stock of homes for sale rose by an average of 2.6% year-on-year.
- It has taken 12 years for house prices in all English cities to return to their previous pre-crisis levels.
- An imbalance between supply and demand is supporting the current rate of house price growth – a trend expected to remain in place.
“Overall, average house price growth across the UK was recorded at 3.9% which is close to a three-year high”