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Property expert explains why the UK’s housing market is booming and what might happen next

·1-min read
Tim Bannister from Rightmove talks to business correspondent Ben Chapman  (The Independent )
Tim Bannister from Rightmove talks to business correspondent Ben Chapman (The Independent )

House prices have risen rapidly since the start of the pandemic as people have sought more space and taken advantage of tax breaks on buying a home.

At the same time, households work during the pandemic have spent less money, allowing those that have still been in work to save up for a deposit.

After the property market was temporarily paused in March last year, activity surged, with the number of sales reaching a new record high.

The average sale price of a home in England jumped 10.2 per cent in a year from the start of the pandemic in March 2020.

Experts have suggested that the latest data indicates some early signs the housing market may be cooling but much uncertainty remains.

However, with interest rates remaining very low, some analysts are predicting that prices are set to continue on a seemingly relentless upward march.

The situation also raises questions about how sustainable it is for property prices to rise faster than wages.

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All of these factors mean there is lots to consider for anyone thinking of buying or selling a property.

Watch the full interview in the video below

Tim Bannister, director of property data at Rightmove, answered readers’ questions about what is impacting the market at the moment and what might be coming further down the line.

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