After the lockdown restrictions were eased and the stamp duty holiday was announced, UK average property prices have now risen to an all-time high. As we now enter the next, hopefully, shorter-term lockdown, the average UK property price has boomed to £239,196, 1.63% above the all-time high of £236,646.
For some regions, the price rebound post lockdown means prices returning to pre-lockdown figures. However, for some regions, the boom has seen prices rise above previous all-time highs.
This is certainly the case for The North West & East Midlands. These 2 regions have seen substantial property price rebounds since lockdown restrictions easing. The extent of which is property prices in these regions have substantially surpassed previous all-time highs.
The North West, with a 5.8% rebound in property prices post lockdown, has raised the average property price from £164,009 to 170,025. The current average property price in the region is 3.5% more than the previous all-time high of £167,693
The same positive sentiment can be said of The East Midlands. Property prices have rebounded at a rate of 3.2% to £202,345, £5,510 (2.8%) above the previous all-time high.
Following a similar behaviour, Yorkshire post lockdown restrictions easing, saw average property prices increasing from £160,109 to £170,025 (6.19%) and £3,720 (2.24%) above the previous all-time high.
London lingers in mid-table, although still beating the average property price rebound rate post lockdown. London hit a growth of 3.19%, bringing the average property price to £489,195 from £474,094, 0.14% higher than the previous all-time high.
The South East, East and South West failed to keep up with average national property price rebound rates, with 2.24%, 2.21% and 1.74% rises respectively.
Oldham saw the most significant price rebound after the 23rd of June. Prices rebounded by 9.9%. Durham was the 2nd city that contributed most to the North East property price rebound, with the city experiencing house price increases of 9.5%.
Next up is Sunderland, which saw post lockdown price increases of 8.6%, followed by Wigan, with growth reported at 8.7%.
Raj Dosanjh, Founder of Rentround, comments: "As regions drift in and out of different types of lockdown restrictions, the worst impact to business operations now appears to be over.
"The property industry was hit badly to state the least. Speaking to agents in the midst of the lockdown, many were concerned about if their finances would be able to see out the worse of Covid-19.
"As many agents felt the pinch, our own landlord lead generation platform was hit. 35% of agents paused or cancelled their subscriptions.
"While there is still turmoil ahead, especially in November with many of the lockdown restrictions being brought back in, many agents and property owners have some breathing room. Sales volumes are extremely high, average property prices in some regions are at the highest levels ever and letting agent phone lines are as busy as ever.
"At Rentround, we've now signed up 200% more letting agents to our service compared to pre-Covid-19, with landlord lead volumes increasing month on month.
"The property price rebound rates provide interesting reading, showing resiliency in the market which will go a long way to put a lot of worried minds at ease, to some extent."
