An unexpected rise in house prices in August saw them go up 2.1% month-on month, the second largest gain in 15 years according to experts.
The Office for National Statistics reported the average value of a UK home went up 13.2% between June 2020 and June 2021 and the UK House Price Index said the average house price in the UK was £265,668 as of June 2021 .
While the Stamp Duty Holiday had a lot to do with encouraging people to move, the race for more space to allow for working from home has also been a contributory factor to the positive housing market in Portsmouth.
“We are hearing all the time that people are looking for more space to accommodate their new working patterns. More people are adopting hybrid ways of working that will see them spending some time in the office and also working from home a couple of days a week,” said Manager Lizzie Burt.
A recent article by Which magazine is forecasting that prices will remain high due to the lack of new properties coming to the market.
And Mark Hayward from Propertymark says we remain in a strong seller’s market.
“In Portsmouth the market remains strong,” added Lizzie.