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UK house prices now 30% higher than the pre-2008 housing bubble peak

UK house prices now 30% higher than the pre-2008 housing bubble peak

Zoopla, a property-searching website based in the United Kingdom, has reportedly issued a fresh snapshot of the British real estate market, claiming that housing prices in the country reached a new high in June and are now 30% higher than before the 2008 financial crisis.

According to the website, currently the average house price stands at £230,700, which is approximately 5.4% higher than it was in 2020. The firm’s report also claimed that the dramatic jump in prices comes as a number of residential properties put on the market for sale fell by 25% in the first half of this year, compared to the same time in 2020.

Zoopla also reported that demand for housing properties was more than double what it had been in the times before COVID-19, with family-oriented homes being particularly popular. Since January 2021, supply has failed to keep up with the high demand, with no indication of an imminent rebalance.

These figures matched those from a rival real estate company, NAEA Propertymark, which reported on Monday that 40% of UK houses sold in June went for more than the initial asking price, as fewer bidders competed for limited available stock.

the company highlighted that the 40% figure was the highest on record, but it also stated that the average number of sales made per real-estate agent branch dropped slightly in the month of June, a drop of just 1, from 12 to 11 in May.

Rightmove stated last week that frantic buyer activity was propelling the market to further heights.

According to Zoopla's most recent snapshot, Wales and Northern Ireland had the greatest growth rates of 8.4% and 8.6%, respectively, during the previous year. This was the greatest growth rate for Wales in 16 years.

With 86% higher demand in London's suburbs than the 2017-19 average, the market remained polarized in the UK's capital, while demand in the inner of the city was just 2% higher.

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