- Report predicts more homes will be sold this year since 2007
- Hampton says 1.5 million homes would have been sold across the UK
- Strong property price growth set to continue in North East says
According to a new forecast, more homes will be sold in 2021 than in any other year before the financial crisis.
In the first six months of the year when buyers rushed to close homes for stamp duty savings and lifestyle and location changes, it means more homes will be sold this year than any home since 2007, Hampton’s prediction.
By the end of 2021, estate agents estimate that 1.5 million homes will have been sold across the UK.
Strong year: Number of homes relocated this year will be highest since 2007
He believes that the growth in property prices will slow down in the coming months. But, despite this, it is projected that prices across the UK will be 13.5 per cent higher by 2024.
It expects the North East of England to see the strongest price increase by 2024, with prices expected to rise by 21.5 percent.
But until then, the average home price in the region will still be 41 percent below the national average, unless economic growth picks up in the region.
House prices in Scotland are also expected to increase by a strong 20 per cent during this period.
Hampton said it believes there was a peak in home prices in the summer of 2021, when stamp duty leave began to be eased.
Growth: Prices will rise 13.5% in the UK by 2024 – but Scotland and the North East will see the strongest gains
Anisha Beveridge, Head of Research at Hampton, said: ‘The housing market has confused expectations and forecasts over the past months.
‘In the autumn of 2020, we were facing such economic challenges that we could not have imagined the extraordinary demand for rehabilitation that we have seen this year.
‘But there has been a drastic change in the attitude towards property, which cannot be attributed to stamp duty holiday alone.’
It estimates that London will grow the slowest at 7 per cent by 2024, followed by the East, South West and South East of England – all of which will see 13.5 per cent growth in comparison to the UK.
She continued: ‘The pandemic has accelerated the closing of the house price gap between London and the rest of the country.
‘Nevertheless, we still expect London to underperform the rest of the country until 2024, when the cycle is likely to end.’