January 4, 2022
The total value of homes in Britain has risen by 20% in the past five years. If ever you were considering a time to move, now might well be that time. In this article, we take a look at the results of the research and the reasons why this growth has occurred.
What Has The Research Found?
Putting this 20% into monetary figures, this growth totals £1.6 trillion! The research shows that just shy of 12 million homes in Britain have increased in value by at least the national average (£49,000) or more over the past 5 years. For more mind-boggling figures, consider this: the total value of the homes in Britain now stands at an out of this world figure of £9.2 trillion.
This is more than four times the Gross Domestic Product (GDP) of the UK – GDP being the value of all goods produced and services provided each year and is also over four times the value of all the companies listed on the FTSE 100 index.
It appears from this research that Britain is experiencing a very buoyant property market. Bearing all of this growth in mind, it’s natural to wonder just why this has occurred.
Why Have These Increases Occurred?
This astonishing rate of house price growth seen in the UK over the past 5 years has been seen for a couple of reasons – extremely low mortgage rates for the last several years and the impact of the lockdowns during the Coronavirus pandemic in the last 18 months. People have had an opportunity to consider how their living situation works for them or doesn’t, thus creating a demand from buyers for a move to a different property. Add to this the substantial savings from the stamp duty holiday in 2020/2021 and you can see where the increased demand for properties has come from. Demand outstripped supply however, creating a seller’s market and so fuelling house price growth.
How Can I Find Out If My House Price Has Increased?
If you are considering a move or, having read this article, you are simply curious as to the possible value of your home, now is a great time to find out just how much your property might be worth. We offer a free and quick online valuation service to see what your home might be worth, use this as a guide. If this online estimated price has piqued your interest you can, for a more in-depth, appraisal, arrange a free market appraisal with one of our knowledgeable and experienced local property agents. This appraisal is much more detailed and specific to your property and will consider the current condition of your home and any improvements that have been made. Go on, have a look, your home might be worth more than you think!