I think we can agree 2020 was a very strange year for everyone. Whilst the property market was able to continue, we were #keepingeveryonesafe right from the first lockdown last March. We hope that 2021 will be a better year for everyone once the vaccine is rolled out and life can resume some kind of normality for the world.
Last year saw pent up demand for property from the beginning of the year, with annual growth in the housing market before the coronavirus restrictions were put in place at the end of March 2020. The announcement of the stamp duty holiday, which is scheduled to end on the 31st of March certainly helped, with the pandemic also causing house buyers to reassess their housing preferences. With a record year or sale prices, the question is, will this continue in 2021? We of course, will be watching the market closely to see how it develops and changes based on factors such as whether the stamp duty holiday is extended, what happens when furlough ends and what happens to the workforce when travelling is relaxed and offices re-open.
Here are some insights into the property market across 2020 in general and locally.
UK average house prices increased by 7.6% over the year to November 2020, up from 5.9% in October 2020, to stand at a record high. This is the highest annual growth rate the UK has seen since June 2016.
The Bank of England reported that mortgage approvals for house purchases (an indicator of future lending) increased further in November 2020 to 105,000, the highest since August 2007.
45% of houses sold in Hastings and surrounding areas were terraced houses. 25% were semi-detached and 30% were detached.
45% of the properties sold in our area were listed at between £150,000 and £300,000, followed in close second by 33% of properties at £300,000 to £450,000.
The most properties listed in Hastings and surrounding areas was in August. Since then, the number of properties listed for sale has dropped by 73%.
We will be keeping a close eye on the property market and will bring you more insights as we move through 2020.