June begins with reports that average house prices have increased by almost 10% over the last 12 months.
Figures from the Halifax say gains are strongest in Wales followed by the North West and North East.
A strong housing market has winners and losers and those who own a home no doubt feel 10% happier right now. But look at the detail and its clear the rise follows the pandemic drop in values we saw this time last year when we were at the start of the first lock-down.
The percentage increase in transactions this year over last is pretty meaningless because this time last year no-one was moving.
So in reality we are roughly back to where we were in March 2020.
What we are continuing to see though is extraordinary levels of interest from people wanting to move and looking for a property.
Last week – which was a four-day week – we broke our records with 220 new applications through our office. I have never seen figures like we are currently recording.
Of those 220 a huge 176 were looking for a home to rent while 44 want to buy a new home in the city centre.
We used to think 100 registrations a week was good, then when we came back last year it was up to 150 – 175 a week but more than 200 a week shows that demand is very much there from people wanting to be back in the city centre.
The national reports are about people fleeing cities and looking for bigger houses with gardens and space is not happening here. Maybe everyone has spent enough time on endless walks and making their own entertainment and want to get back to the buzz of the city.
The full Halifax report is here: https://www.halifax.co.uk/media-centre/house-price-index.html