House Prices on the Rise

If house prices were any kind of barometer of the strength of the countrys' economy, then it would be safe to assume that we were in a very strong position.

In fact the very opposite is true as we have just lived through the largest economic decline since 1709! So what could be happening as house prices are continually on a march upward - 6% up during 2020 according to a recent report by the Halifax.

Some of the answers are easy to locate, specifically the Chancellor Rishi Sunak announcing a temporary stamp duty amnesty being one obvious reason fuelling a short term clamour to move home.

Other factors are also at work though. 2020 was a fairly depressing year for many - lockdowns and the lack of social interaction are hard enough but when that also comes with the ever present shadow of job losses and economic hardship it is a worrying period. On the fringes of bad news though there are almost always silver linings and room for opportunism. Families have not been travel or go on holiday, or in fact do very much at all. This has led to a marked desire to improve their own living space, with specific requirements for more space and definitely improved outdoor living spaces such as garden, patio and decking areas. If they have to 'stay at home' they seem determined to make this a more enjoyable prospect by making home better.

You would think that the finances required for this would be limited, but those holiday and travel savings plus additional savings made from the non-commute to work from home have aided the current 'bubble' of moving up through the housing market.

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