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Housing market: did 2020 add value to your home?

Written by: Maryanne Bowring 04/01/2021
  627       0
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The Impact of Covid-19 on Housing

In 2020, Covid-19 transformed our lives. As 2021 began with tighter restrictions and the prospect of another national lockdown, homeowners found a silver lining: rising house prices.

House Prices Soared Across the UK

According to Halifax, UK house prices grew by an average of 10% in 2020. Some of the biggest increases were seen in London, Yorkshire, the West Midlands, and northern Scotland.

London’s Divided Market

In London, Islington led the way with a staggering 13.4% price increase, adding £85,918 to the average home value. Croydon followed closely with a 10.9% rise. However, not all areas experienced growth—Hackney saw a 1.4% drop, making it one of the UK’s worst-performing locations.

Regional Price Growth Highlights

Beyond London, Leeds recorded an 11.3% price hike, outpacing the regional Yorkshire average of 9%. Wolverhampton also saw a significant increase, with house prices rising by 9.5% to an average of £217,837.

The Shift to Coastal and Rural Areas

Zoopla data shows an overall £10,000 rise in home values nationwide, equating to £27.81 per day. Buyers increasingly sought coastal and rural properties, with Windsor topping the list outside London, followed by Winchester, St Albans, and Bishops Stortford.

A Tougher Market for First-Time Buyers

While rising house prices benefited homeowners, they created challenges for first-time buyers. The end of the Chancellor’s Stamp Duty holiday will make saving for a deposit even harder. As affordability remains a major issue, it remains to be seen whether the government's 'levelling up' agenda will provide a solution.



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