Great Britain

House prices ‘are now 30% higher than their 2007 peak’

House prices are now nearly a third (30%) higher on average than a previous market peak in 2007, analysis has found.

The average UK house price in June hit a record high of £230,700, Zoopla said.

In December 2020, the average UK house price was £177,300.

Property values were 5.4% higher than a year earlier.

There is a continued drumbeat of demand for more space among buyers, both inside and outside, funnelling demand towards houses

Grainne Gilmore, Zoopla

Stock shortages are helping to push up prices, with a 25% fall in the volume of homes for sale in the first half of the year compared to the same period in 2020, Zoopla said.

Looking at different property types, the search for space has pushed up the average price of a house by 7.3% over the past year.

By contrast, demand for flats has failed to keep pace and, as a result, prices growth is lagging at 1.4%, Zoopla said.

Grainne Gilmore, head of research at Zoopla, said: “Demand for houses is still outstripping demand for flats.

“To a certain extent this trend will have been augmented by the stamp duty holiday, with bigger savings on offer for larger properties – typically houses.

“But underneath this, there is a continued drum-beat of demand for more space among buyers, both inside and outside, funnelling demand towards houses, resulting in stronger price growth for these properties.”

Football news:

Barca Vice-President: The issue of Koeman's resignation was not raised at the board of directors. We got a difficult opponent at the most inopportune moment
Ibrahimovic will not play with Juve, most likely. Chiesa and Bernardeschi can take part in the match
Boateng, fined 1.8 million euros for attacking an ex-girlfriend, filed an appeal
Ancelotti called David Luiz to offer to move to Real Madrid
One-Bissaka will appear in court for driving without a license
Southgate wants more women to work in the staff of the England national team
Mourinho on the victory over CSKA Sofia: Roma did not deserve 5:1. I did not like the game