suffolk
Average detached
house price
£385,746
Average
rent
£725
pcm
SALES
The housing market: a look back at a tumultuous yet buoyant year, 2020
The UK
housing Market
EMAIL caroline
01787 888622
Partner
Caroline Edwards
LETTINGS
Annual House Price Index (Base = Jan 2009, 100)
Mid-Suffolk
England & Wales
Suffolk
100
2009
2019
harrogate & Leeds
YORK
SUFFOLK
cambridge
northamptoNshire
oxford
newbury
winchester
marlborough
bath
prime london
south west london
download REGIONAL report
Average detached
house price
£885,858
SALES
Annual House Price Index (Base = Jan 2009, 100)
South Cambridgeshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,400
pcm
cambridge
EMAIL MATT
01223 403330
Partner
Matt Smith
download REGIONAL report
download REGIONAL report
Average detached
house price
£607,495
SALES
Annual House Price Index (Base = Jan 2009, 100)
Bath & North
East Somerset
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,150
pcm
BATH
EMAIL david
01225 747251
Partner
David Mackenzie
download REGIONAL report
Average detached
house price
£484,250
Annual House Price Index (Base = Jan 2009, 100)
Harrogate
100
2009
2019
Leeds
Base
harrogate & LEEDS
EMAIL tony
01423 707815
Partner
Tony Wright
download REGIONAL report
Average detached
house price
£614,442
SALES
Annual House Price Index (Base = Jan 2009, 100)
Wiltshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£775
pcm
marlborough
EMAIL julie
01672 514916
Partner
Julie Fellows
download REGIONAL report
Average detached
house price
£561,745
SALES
Annual House Price Index (Base = Jan 2009, 100)
West Berkshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,000
pcm
newbury
EMAIL rupert
01635 263001
Partner
Rupert Reeves
download REGIONAL report
Average detached
house price
£374,634
SALES
Annual House Price Index (Base = Jan 2009, 100)
Northamptonshire
100
2009
2019
England & Wales
Base
pcm
northamptonshire
EMAIL Ian
01604 608202
Partner
Ian Cattle
download REGIONAL report
Average detached
house price
£913,709
SALES
Annual House Price Index (Base = Jan 2009, 100)
Oxfordshire
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,375
pcm
oxford
EMAIL simon
01865 404418
Partner
Simon McConnell
download REGIONAL report
Average detached
house price
£721,936
SALES
Annual House Price Index (Base = Jan 2009, 100)
Winchester
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,010
pcm
winchester
EMAIL chris
01962 833375
Partner
Chris Gooch
download REGIONAL report
Average detached
house price
£423,964
SALES
Annual House Price Index (Base = Jan 2009, 100)
York
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£800
pcm
york
EMAIL edward
01904 558202
Partner
Edward Stoyle
Average detached
house price
£3,111,565
SALES
Annual House Price Index (Base = Jan 2010, 100)
London
100
2009
2019
England
England excluding London
LETTINGS
Average
rent
£3,456
pcm
prime CENTRAL london
download REGIONAL report
Average detached
house price
£1,516,616
SALES
Annual House Price Index (Base = Jan 2009, 100)
Greater London
100
2009
2019
England & Wales
Base
LETTINGS
Average
rent
£1,968
pcm
south west london
EMAIL wayland
020 7731 3333
Partner
Wayland Ward-Smith
Select a location below for a local overview
200
Oxford
170
180
160
170
HARROGATE
LEEEDS
Average
rent
£xx
pcm
160
200
Cambridge
170
Northampton shire
Babergh
The residential property market in 2020 was one of the greatest areas of resilience in the UK economy during 2020 due to the rapid easing of restrictions in the sector, the stamp duty (SDLT) holiday and buoyant buyer demand. This was of course after it had briefly experienced one of its lowest points ever during the second quarter of the year as the COVID-19 pandemic, lockdown, restrictions, and the resultant human health catastrophe and economic fallout was felt across all sectors and industries of the UK.
The lettings market was also very buoyant through the year, particularly with a flurry of activity following the first lockdown as people were looking to escape metropolitan and urban locations. This then placed upward pressure on rents in rural and countryside locations and certainly during the last quarter of the year there was some strong indications of a two-speed rental market; urban and city locations saw falling demand and declining rents in select locations (i.e: Marylebone in prime central London), while suburban, rural and countryside locations were in strong demand and growing rents.
EMAIL LISA
020 7518 3234
Partner & Head of Residential
Lisa Simon
200
South West London
220
Prime Central London
170
160
The robust housing market lead to our Carter Jonas regional locations all experiencing strong levels of both supply and demand over the latter half of 2020. In this report, we take a look back at how each location performed through the last two quarters of 2020, and where things currently stand in terms of price growth and average pricing more generally.
Recent political and economic instability makes it all the more important to be as informed as possible when considering buying, moving or selling or letting your home.
Our report, prepared by our research team and local experts, will provide you with accurate data and expert commentary on the housing market in your area as well as a snapshot of the health of the wider UK property market.
PRIME CENTRAL LONDON
CLOSE
BATH
CAMBRIDGE
HARROGATE & LEEDS
LONG MELFORD
MARLBOROUGH
NEWBURY
NORTHAMPTON
OXFORD
SOUTH WEST LONDON
WINCHESTER
YORK
Click a location for
a local overview
Average detached
house price
£607,495
SALES
LETTINGS
Average
rent
£1,150
pcm
CLOSE
Average detached
house price
£885,858
SALES
LETTINGS
Average
rent
£1,400
pcm
CLOSE
Average detached
house price
£484,250
harrogate
LEEDS
£364,433
CLOSE
Average detached
house price
£385,746
SALES
LETTINGS
Average
rent
£725
pcm
CLOSE
Average detached
house price
£614,442
SALES
LETTINGS
Average
rent
£775
pcm
CLOSE
Average detached
house price
£561,745
SALES
LETTINGS
Average
rent
£1,000
pcm
CLOSE
Average detached
house price
£374,634
SALES
CLOSE
Average detached
house price
£913,709
SALES
LETTINGS
Average
rent
£1,375
pcm
CLOSE
Average detached
house price
£1,516,616
SALES
LETTINGS
Average
rent
£1,968
pcm
CLOSE
Average detached
house price
£721,936
SALES
LETTINGS
Average
rent
£1,010
pcm
CLOSE
Average detached
house price
£423,964
SALES
LETTINGS
Average
rent
£800
pcm
CLOSE
market comment:
The prime end of the central London market performed remarkably well with an average of nearly 7% annual house price growth in 2020 while some locations (Kensington and Chelsea) saw even punchier growth of 11%.
Bucking the trend and proving that even some central urban locations were sought after during the year, sales in select prime locations were above the same period in 2019, particularly towards the final quarter of the year.
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The average house price was just over £682,000 across South West London in 2020, reflecting an increase of 4.7% over the same period one year prior. This compares with growth across Greater London of 3.7%.
The pace of growth however was not even across the different areas of South West London as in Hammersmith & Fulham prices rose by less than 1% while Richmond-upon-Thames posted growth of 7.4%.
market comment:
The York housing market maintained its strong and steady reputation throughout 2020. Although the area saw activity decline during the spring and summer months of lockdown (as all areas of the country did), house prices maintained a steady performance, with price growth of 2.4% during the year.
market comment:
market comment:
The Winchester housing market has always been popular with those leaving London and looking for a more idyllic or rural lifestyle and this was never more obvious than during 2020. The area saw a surge in house movers looking for more space and more outdoor areas to enjoy following months of lockdown.
House prices rose by an average of 6% across Winchester during 2020 and with an average detached house price of over £720,000 this is almost double the national average, further showing the popularity of the area.
Oxford had robust levels of activity throughout 2020 (outside of the market closure period) which resulted in above-average price growth at 9.5% (compared with England at 5.3%)
This activity extended into many parts of the wider Oxfordshire area where 6.7% annual growth was recorded.
market comment:
Sales market comment:
Northampton continues to be a popular area for commuters but with changing working and commuting patterns through 2020 the area became even more popular. With an average detached house price around 5% below the national average, the area is also more affordable.
market comment:
Sales market comment:
In Marlborough, the market has been very active since the housing market reopened in May 2020 placing strong upward pressure on house prices.
Average prices in the area have therefore rose by an average of 6% over the last 12 months, compared with a decline of 5% during the same period one year ago.
market comment:
Average house prices in both Harrogate and Leeds grew by a punchy 7.5% since housing market lockdown restrictions were eased in May 2020.
The average price of a detached home in Harrogate is just under £500,000, roughly 23% more than the national average. This compares to Leeds where the average detached home sells for around £365,000, 7% below England.
Average detached
house price
£364,433
HARROGATE & LEEDS
market comment:
Sales market comment:
The housing market in Mid-Suffolk bounced back to near normal sales levels by the middle of 2020. Despite this, average prices rose by a modest 2% in Mid-Suffolk and 3% across the wider Suffolk area.
Suffolk is still considered a relatively affordable area of the country and this is reflected in the average detached house price which is around 2% below the national average.
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Average detached
house price
book a free market appraisal
Sources: ONS, VOA, HM Land Registry.
Notes: Unless otherwise stated, average rents, prices and sales volumes are for the Local or Unitary Authority. Average rents are 2-bed, upper quartile
Despite the continued pandemic, the housing market was allowed to reopen and operate as ‘normal’ from mid-May as the government recognised the importance of a fully functioning market. The stamp duty holiday announced in July supported this and combined with a population that was clearly experiencing changing priorities and preferences due to lockdown and changing commuting patterns, the residential market saw a surge in both sales activity levels and price growth during the latter half of the year. Mortgage approvals reached their highest rate since 2007 and growth in house prices has been the strongest in almost five years.
For the housing market the stamp duty holiday over the next few weeks will continue to fuel strong levels of exchanges as households look to get sales over the line before the end of March. What’s more, there is still a possibility that the government may extend the SDLT holiday beyond the initial deadline. Notwithstanding this, and assuming the current level of restrictions remain in place and further limitations are not introduced, we expect sales activity to level off, probably at rates similar to that seen during 2019. House price growth will probably be limited and the pace of growth will slow from what we saw over the final few months of 2020. The unpredictability of the current situation means that forecasts are ranging from -2.6% (HM Treasury consensus forecasts) to +4.0% (Rightmove), while we anticipate a more moderate 0% - 1.0% annual growth for the year. In the lettings market we expect that the divergence in activity between urban and rural locations will continue at least during the first half of 2021 and the two-speed rental rate trajectories will follow.
Looking ahead, it is hard to predict what will happen as we are still in the midst of the pandemic and cases have surged once again. This time however it is fortunate that there is an ‘exit strategy’ as the vaccination programme is underway and so by the summer, we anticipate a rebound in output and GDP. In the meantime, much will depend on the rate of deployment of the vaccines, and the containment of the virus.
MARKET COMMENT
MARKET COMMENT
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
LETTINGS
Average
rent
£750
pcm
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
Newbury saw average house prices rise by around 3% during 2020, while prices across the wider West Berkshire increased by an average of 4% over the same period.
The average price of a detached home in Newbury during 2020 was £561,000, over 40% more than the national average.
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
Sales market comment:
Both Cambridge and South Cambridgeshire indicated a small overall price decline of 1% during 2020, as price fluctuations remain volatile in these areas.
Over the last five years the average house price in Cambridge has grown by around 7% but this compares with a national average of 21% over the same period.
Affordability issues in the wider Cambridgeshire region continues to place downward pressure on price rises as wage growth remains subdued.
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
7.4% annual house price growth across the Bath and North East Somerset area over the last 12 months was slightly above the national average of 5.3%.
The average price of a detached home in Bath & NE Somerset is £607,495, over 50% more than the national average
MARKET COMMENT
MARKET COMMENT
Annual House Price Index (Base = Jan 2010, 100)
Base
LETTINGS
Average
rent
£750
pcm