If you're a homeowner or potential homebuyer, you're likely keeping a close eye on the UK housing market. And with good reason - the market has been in flux over the last year, thanks in large part to the pandemic.

So what's happening with house prices across the UK? Let's take a closer look.

The Current State of UK House Prices

According to Zoopla's monthly House Price Index, the UK's average sold price for a home is currently £260,800. That's down £400 from just a month ago, but still up by 5.3% in the year to January 2022. While this rate of price growth is continuing to slow, it's still a significant increase in value over the course of a year.

As for what the future holds, experts predict that annual price falls of around 5% will occur by the summer. While this may sound like bad news for sellers, it could be a silver lining for buyers who have been struggling to afford homes in certain areas.

The Impact of the pandemic on UK House Prices

It's impossible to talk about the UK housing market without mentioning the impact of the pandemic. In the early days of the pandemic, the housing market came to a standstill as people were forced to stay home and social distance. However, once restrictions eased, the market began to pick up again.

One of the most significant impacts of the pandemic has been the rise of remote work. As more companies adopt hybrid or fully remote work models, people are increasingly able to live outside of major cities. This has led to a surge in demand for homes in smaller towns and rural areas, which in turn has driven up prices in these regions.

However, the pandemic has also had some negative impacts on the housing market. For example, some people have been unable to afford their mortgage payments due to job loss or reduced income. Others have been hesitant to put their homes on the market due to concerns about the pandemic and the uncertainty of the economy.

Despite these challenges, the UK housing market has shown resilience in the face of the pandemic. In fact, it's been one of the bright spots in the UK economy over the last year.

Tips for Buying or Selling a Home in the Current Market

Whether you're looking to buy or sell a home in the current market, there are a few things to keep in mind:

Do your research. Before making any decisions, it's important to research the local housing market in your area. Look at recent sales data and price trends to get a sense of what to expect.

At Seths, we can be a valuable resource when navigating the current market. They can help you find properties that meet your needs and negotiate on your behalf.

Be prepared to move quickly. With demand high and inventory low in certain areas, it's important to be ready to act quickly if you find a home you're interested in.

Price your home competitively. If you're selling a home, it's important to price it competitively in order to attract buyers. We will work with you on a pricing strategy that makes sense for your market.

Be flexible. With the pandemic still ongoing, it's important to be flexible and adaptable when buying or selling a home. You may need to be open to virtual showings or other non-traditional methods of buying or selling a home.

Whether you are buying or selling, speak with our dedicated team who will be able to help you by calling us on 0116 266 9977.