House prices reach six-year high in 2020 but outlook remains ‘highly uncertain’

Regions in the Southeast including Southampton, Oxford and Brighton saw the biggest increases with prices rising by eight percent.

Meanwhile, regions just outside of London such as Slough, Guildford, Crawley and Chelmsford were the weakest performing regions with an increase of 5.6 percent over the year.

The Northwest and Yorkshire & Humber also saw annual house prices increase by eight percent and 7.7 percent respectively.

George Franks, co-founder of London-based estate agents, Radstock Property said the “rush to beat the stamp duty deadline” has seen prices remain robust when traditionally they would fall in December.

However, he added the stamp duty deadline in March will create a “false horizon” with prices rising higher at the beginning of next year.

He continued: “Though rising unemployment levels are an obvious threat to property values, demand should remain relatively strong as it still costs less to own than to rent and money is about as cheap as it gets.

“During 2021, people will also continue to change their living arrangements as companies adapt their remote working policies on a more formal basis.

“Assuming the wheels don’t fall off the economy following our official departure from the EU, then this, coupled with the mass vaccination roll-out, should bolster sentiment around the property market.”

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