House Prices Up 8.5% in 2020 According To Official Figures, But How Long Will The Party Last?
The average prices of UK house climbed 8.5% in 2020, the highest yearly growth rate since October 2014, according to the official Land Registry data.
The average UK house price reached a record high of £252,000 in December 2020, the Office for National Statistics said.
The UK is made up of a number of distinct markets, some a world apart from London where average prices are just under £500,000.
The North West had the highest growth of 11.2%, while London rose just 3.5%.
The stamp duty holiday and buyers reassessing their housing preferences contributed to the rise, the ONS said.
The desire for more space during the pandemic saw the average price of detached properties rise by twice as much as flats and maisonettes during 2020, up by 10% and 5% respectively.
In Wales, where there has been a recent boom in second home purchases, enjoyed the fastest growth, with property values rising 10.7% to £184,000.
In England, prices climbed 8.5% to £269,000, in Scotland, 8.4% to £163,000 and in Northern Ireland 5.3% to £148,000.
There is speculation that the Stamp Duty holiday, due to end in March, will be extended for a further six weeks.
Avoid following the FOMO herd into highly priced property, stocks and Bitcoin.
As always, do your research, take financial advice, and buy right.
Will property prices crash in 2021?
Here’s the real secret…professional property investors make money from property whether the market is rising OR falling.
Just like professional share traders make money in a bull or bear market, property investors make money either way.
Here’s another secret…you make money when you buy a property, not in ten years when you hope it will have gone up in value.
Wise “value” investors, like Warren Buffett, do not follow the herd or buy something because the “market” says it worth a certain price. They buy at what they judge is the right value and wait patiently, sometime for years, until the price is right or they move on.
Warren is sitting on $180 BILLION in cash right now because he thinks the stock market is way over valued.
So, if you want to make money from property, learn from the professionals and learn how to buy right, in the right areas and for the right reason. You should take advantage of the many free webinars available for anyone who wants to invest in UK property.
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