2021: House prices see record year on year growth

According to Halifax’s recent data the average price of a UK house currently stands at £261,742 up 1.3% on the month and bringing annual house price growth to a record 9.5%. There are various factors that have contributed to this rise in property prices. The question everybody is asking: will it continue or has it reached its peak?

The effects of lockdown
Working from home has had a two-fold impact on the property market. Homeowners having spent considerable time in their properties throughout 2020 by working from home and often homeschooling too have determined their homes no longer fits their lifestyles. The lack of travelling for both business and leisure has also afforded an unforeseen increase in savings.

As lockdown has lifted, the way we work and where we need to live has also changed. Many house hunters wanting to upgrade to a more spacious property now have the option of a wider geographical area and often with the extra deposit to match.

Russell Galley, Managing Director of Halifax comments, “These trends, coupled with growing confidence in a more rapid recovery in economic activity, if restrictions continue to be eased, are likely to support house prices for some time to come, particularly given the continued shortage of properties for sale.”

House prices around the country
Our North West region saw double-digit annual growth over the past year, the biggest percentage increase since April 2005 and matched by the Yorkshire & Humber region.

Given the desire to move to larger properties with outside space, London and the South East have not fared as well, seeing a modest increase of 3.1% over the same period, though this is on top of continued growth over a number of years.

Help for first time buyers
Normally a significant increase in house prices would be disastrous news for younger people and those looking to get on the property ladder. However the Government backed 95% mortgage deals and continued low interest rates, have ensured there is demand for properties across all price scales.

Have house prices peaked?
Brad Pearce, our Property Department Manager & Valuer for our Ulverston & Grange offices, explains, ‘It’s a sellers market at the moment. Some of the more premium homes in our area have received offers before we’ve had the opportunity to market as house-hunters rush to beat the stamp duty holidays ending in June and September. We don’t see that changing any time soon, so if you’re thinking of selling there is no better time to contact our team.’

You’re in safe hands

Trust our team of local experts to provide the best advice on a wide range of legal and financial issues whenever you’re facing a life change and need the best support.

0800 389 2939

Our team are available Monday to Friday 9am - 5pm

Find Your BranchMEET THE TEAM

She'll be glad you planned ahead

Organising your finances today, while planning for the future can be a challenge. We’ll put the kettle on – and take the pressure off.


You'll know when it's time to talk

From making a will, to matters of business law our qualified solicitors can offer advice and guidance. Pop in for a chat or call us to make your free appointment.


Sign up for our newsletter

Your details

Signing up to our newsletter will place you on our weekly property guide, providing you with the latest properties for sale and industry news.
You can unsubscribe at any time. We value your privacy and will not share your details.

© Poole Townsend 2017 - 2022. All rights reserved.
Poole Townsend solicitors Ltd (Company no:10964550) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness, LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 647087. We are independent financial advisers authorised and regulated by the Financial Conduct Authority. VAT registration number :154365563.

Poole Townsend Estates Ltd. (Company No: 10960705) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness LA14 1RP. A list of directors is available at the registered office address. Regulated by the Council of Licensed Conveyancers to provide Conveyancing services. (Firm no: 3438) VAT registration number 288092466. Our Estate Agency is a member of the Property Ombudsman scheme.

Poole Townsend Estates Ltd Property Client account has client money protection, to view our Client Money Protection Certificate please click here. To view our Equality and Diversity Data please click here. The Propertymark Conduct and Membership Rules can be found here.

Professional Indemnity Insurance – please contact Martin Oates at the address above if you require details of cover held.

Registered with the Information Commissioners Office for data protection purposes (ICO No: ZA494153 & ZA331395)


Book Your Free Valuation

Fill out the form below and we'll get in touch to arrange your free valuation.

Your Details

We value your privacy and will not share your details.