Homebuyers who are in the process of purchasing a property, with the help from conveyancing solicitors in Epsom, might be inclined to complete the transaction as quickly as possible, after it was revealed that real estate values have increased over the last year.
According to the latest findings from HM Land Registry, UK house prices leading to March 2020 were 2.1 per cent higher than they were in March 2019.
The average property value stood at £231,855 in March this year, with the data reflecting completions that were made before lockdown measures were introduced later that month.
Within England, the region that saw the greatest house price increase was London. Here, values rose by as much as 4.7 per cent over the 12-month period, demonstrating growing confidence among both homebuyers and sellers in the months leading up to March.
In fact, the data from the Office for National Statistics showed that homes in the capital rose by 1.2 per cent from February to March this year, taking the average cost of a London property to £485,794.
Comparatively, Yorkshire and the Humber was the worst hit region, with prices dropping by one per cent over the year and 3.6 per cent over the month.
As these figures are from before lockdown began, it is not clear how the closure of estate agents over the last few weeks has affected the industry.
From March 23rd to mid-May, property viewings had to be put on hold, while conveyancing surveys and removal firms had to pause their operations. Consequently, sale figures would have dropped over this period, which could affect future house prices.
However, with so many people having waited to buy and sell their home, there could also be a big boost to the market in the coming months.