House prices have skyrocketed, reaching a 30 percent increase above the 2007 peak.
According to research, house prices are currently roughly a third (30%) higher on average than they were at the previous market peak in 2007.
According to Zoopla, the average UK house price reached a new high of £230,700 in June.
The average UK house price in December 2020 was £177,300.
Property values were up 5.4 percent from a year ago.
Stock shortages are helping to drive up prices, according to Zoopla, which reported a 25% drop in the number of properties for sale in the first half of the year compared to the same period in 2020.
The desire for space has pushed up the average price of a house by 7.3 percent in the last year, according to various property categories.
In contrast, demand for flats has not kept up, and as a result, price growth has slowed to 1.4 percent, according to Zoopla.
“Demand for houses is still outstripping demand for flats,” said Grainne Gilmore, Zoopla’s head of research.
“The stamp duty holiday will have aided this trend to some extent, with larger savings on offer for larger properties – often houses.
“However, there is a persistent drumbeat of need for more space among buyers, both inside and outside the home, which is funneling demand towards houses and resulting in stronger price increases for these properties.”