Learn more about the new government scheme that allows first-time buyers and home movers to get on the property ladder.Read more…
Coronavirus property prices
How has coronavirus affected property prices in the UK?
Between 27 March and 12 May 2020 the UK’s property market came to a near standstill. This was caused by the coronavirus pandemic forcing estate agents to shut. The market was also hindered by many mortgage applications being withdrawn or put on hold due to consumers experiencing a sudden loss or reduced income due to the pandemic. We have explored how property prices have been affected across the country during this time and how interest in renting has fluctuated in different regions.
How the pandemic has affected property prices
London’s property prices have been affected more than any other city. On average prices there have lowered by 10% since January 2020, meaning now could be a good time for buyers to find a bargain (if you can afford the downpayment). Belfast has seen the least change with prices decreasing by 0.01% on average. Sellers in Wakefield, Leicester and Birmingham will be pleased to know that property prices have continued to grow despite the pandemic, with prices growing by 6-9% since January.
|York||Yorkshire and the Humber||-1.55|
|Leeds||Yorkshire and the Humber||0.37|
|Hull||Yorkshire and the Humber||0.45|
|Bradford||Yorkshire and the Humber||2.13|
|Sheffield||Yorkshire and the Humber||2.29|
|Wakefield||Yorkshire and the Humber||5.51|
Looking at what this means in actual prices, the average price of a property in the most expensive UK city, London, was £749,459 in January 2020, compared to £671,989 this June. For properties sold in Cambridge, the January price of £459,968 has gone down by £13,253 to £473,221.
For those cities with lower prices to start with, Sunderland’s properties cost an average of £127,519 at the start of the year but are now down at an average of £115,523. In Bradford the difference isn’t as dramatic, where the old price of £137,771 gained close to £3,000, landing on £140,709 as the average price.
|City||January 2020||June 2020|
When comparing regions, London remains the worst affected area in terms of property prices, with the city experiencing a 10% decrease on average. The capital is closely followed by the North East (9% decrease). On average the West Midlands has managed to avoid reduced property prices with prices rising there more than in any other region in the 5-month period (3%).
|Yorkshire and the Humber||1.38%|
How the pandemic has impacted interest in renting
Using Google Trends we looked at how interest in renting has differed from the start of lockdown (23 March 2020) until the first week of June 2020. Wales has experienced the largest uptick in interest. Searches for rentals in East Midlands increasing by 308% since lockdown began, with Leicester as the most interesting city for rent-seekers. Since the housing market reopened, both Wales and East England saw a high percentage increase in interest (200% and 148% respectively).
For all media enquiries, please contact
- Royal Institution of Chartered Surveyors (RICS)
- Google Trends
- By using the average price of properties sold in the biggest 40 cities in the UK, we’ve compared the average price in January 2020 and June 2020.
Learn everything you need to know about chain break finance – a type of bridging loan that stops you losing your dream home if the sale of your existing one falls through.Read more…
Read our in-depth guide to fix and flip and how this type of property investment works, including the factors you need to consider, the risks to be aware of and how to finance it.Read more…
Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.Read more…
Learn everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.Read more…
Read our in-depth guide to 100% bridging loans, including how bridging loans work, how to borrow 100% of the property’s value, how to get the best deal and the pros and cons.Read more…
More guides on Finder
Loans for small businesses affected by coronavirus
Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.
Why it pays to be a patient investor
One way to develop healthy investing habits is to make regular contributions to your investment pot over a period of time, instead of investing a large lump sum. This is called “pound-cost averaging”. It’s a way of investing without trying to time the market.
Cryptocurrency statistics 2021
We explore the latest statistics in the world of cryptocurrency including who is and isn’t buying cryptocurrency, as well as who has made their millions off these virtual currencies.
The Elon Effect: Elon Musk’s twitter activity that boosted (or crashed) the prices of stocks and crypto
Elon Musk’s influential Twitter activity has shifted the value of several companies and cryptocurrencies by almost $12 billion on average.
Reddit stocks: 10 stocks on the WallStreetBets radar
Reddit has long been home to a huge retail investing community called WallStreetBets. Find out how to get the latest Reddit-tipped stocks here.
Finder’s 2021 Bitcoin Price Predictions Report
We asked 47 experts for their cryptocurrency price predictions and took a deep dive into the Bitcoin price rally.
Parking fines: Which UK city issues the most tickets?
Are you driving to do your Christmas shopping this year? Find out which city issues the most parking fines during the festive season.
Buying vs renting: Which is cheaper?
What are the average rent and mortgage costs in the UK? We’ve done the calculations to help you decide which is the more worthwhile investment.
Investing predictions panel
2020 has been a turbulent year for investors. To help, our global panel of investing experts give their thoughts on markets and assets around the world.
How many people are still using bank branches in the UK in 2020?
Are people still using bank branches? Is your area being affected by bank branch closures? Find out the latest data here.
Ask an Expert