The UK property market is currently in the state of limbo thanks to coronavirus, as homeowners cannot have viewers around to look at their residence and buyers cannot get conveyancers to do standard checks so they can move forward with the purchase. However, prior to the pandemic, recent figures have shown the sector was faring rather well.
According to the latest UK House Price Index from Land Registry, property values had risen by 1.1 per cent from February 2019 to 2020.
While prices had fallen by 0.6 per cent from January 2020, the average price of a home was still £230,332, which is nearly £3,000 more than the year before.
The figures revealed London experienced the highest annual growth in England, with property values increasing by 2.3 per cent over the 12-month period. There was also a 0.2 per cent rise in prices between January and February 2020, taking the average cost of a home in the capital to £476,972.
This is likely to have been caused by an increase in the number of transactions over the year, with greater demand for properties resulting in homeowners being able to push up the prices.
Indeed, according to UK Property Transactions Statistics from HMRC, the provisionally seasonally adjusted estimate of residential property transactions in March 2020 was 0.3 per cent higher than 12 months before, with almost 100,000 sales having gone ahead.
This shows there was a growing demand for London house removal companies before the virus spread across the country, with lots of homebuyers booking transport to help them move into their new houses.