House prices hit 4-year high
The East of England property market is on the up
RICS who carried out the survey Published 10th Sep 2020
House prices in the East of England have hit a four year high, due to more people wanting a garden or outdoor space on their property.
That's according to the latest RICS Residential Market Survey, with 83% of respondents predicting a further rise in demand for gardens in the next two years.
The survey also showed an increase in buyer interest throughout August as people tried to make the most of the stamp duty holiday.
Simon Rubinsohn, RICS Chief Economist said:
"The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months. More of a concern is the pick-up in prices which could intensify issues around affordability in some parts of the country. Dis-aggregated data shows demand generally to run ahead of supply.
"Meanwhile the results provide a further pointer to more substantive changes taking place in household behaviour in the wake of the pandemic. Increased demand for properties with garden and near green spaces has if anything increased since we tested the water in May."