Despite recently falling into the first recession in 10 years, the UK housing market is reportedly performing at its strongest in 5 years.
The housing market is expected to continue to stay strong throughout the remaining duration of 2020, with house prices rumoured to rise by 2-3% by the end of Q4 2020. Housing demand is also currently hitting 18% higher than last year, leading experts to believe that the property market has not been negatively impacted by the ongoing recession.
According to the latest report, the housing market conditions;
” remain unseasonably strong despite the UK moving into recession. Demand continues to outpace supply and support house price growth of 2.5% per annum”.
In addition to the stability currently evident within the housing market, the report also outlined certain UK ‘hotspots’ for stable property markets, with Manchester hitting the top of the list with a property price increase of 4% to £174,100 in the last year.
Other northern and northwestern cities have also ranked highly in the report, with both Liverpool and Leeds incurring a property price increase of 3%. The report also states that properties are currently selling quicker than usual, with the time to sell properties decreasing by 31%.
The housing market appears to be performing substantially well considering the current economic climate in the post-coronavirus UK, facilitating strength and stability within the current market.
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