Research by Zoopla has revealed that in the UK people stay put in a property for an average of twenty-three years. During this time, by researching into Land Registry records, Ocean Finance has found the average property gains £96,979 in value, over three times the average annual UK salary.
Meanwhile, despite the pandemic, the past twelve months have seen the highest annual house price growth for almost three years, with a rise of 3.5 per cent since the start of the year. The North West, Yorkshire and the Humber, and Wales saw the highest growth in property values in 2020, each seeing growths of more than 4 per cent. Estate agents and experts agree that the mini-boom in the property market has been partly driven by wealthy buyers searching for larger houses with outside space where they can work from home. The stamp duty holiday has also been cited as a factor.