Average UK house price rises by over £15000 in 2021
UK house prices grew at an all-time high in 2021 with the average home rising in value by over £15,000. Based on Zoopla’s latest House Price Index, the average price of a UK home jumped £16,000 in 2021. The increase has left the typical property costing £240,800.
The report indicates that more than half of UK homes rose in value by more than £15,000 and a whopping 3.5m homeowners will have seen a £30,000 to £44,999 increase in their property’s value. And, 3.1m homes have soared by more than £45,000.
According to property portal Zoopla, house prices rose in every UK region and nearly all regions saw prices rise more in 2021 than in 2019 and 2020 combined. The only exceptions were London and Scotland, where annual growth rates were 2.4 percent and 5.3 percent respectively, compared to a national average of 7.1 percent.
A surge in home sales in 2021 has resulted in the market value of homes soaring by £670bn collectively. But Zoopla also warns that the rate at which property values are increasing is expected to slow next year amid economic headwinds, and a rise in the number of homes being put up for sale - from record low levels.
The London-based real estate company is nonetheless optimistic and is confident of significant bounce back in activity after the festive season as the pandemic-induced search for space continues. The company’s head of research Grainne Gilmore, opines that the strong price growth seen during the past year is likely to prompt some homeowners to cash in and move in the new year. Consequently, more properties are expected to come on to the market in the first quarter of 2022.
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