House prices are almost a third higher than at their peak before the financial crisis.
A typical home cost £177,300 in December 2007 before plunging by 20 per cent. However, the average is now around £230,700 according to Zoopla - an increase of 30 per cent. Almost £12,000of the £53,400 rise was added in the past year as families started a 'race for space' following the first coronavirus lockdown.
That has seen buyers hunt for bigger properties with gardens and home offices, with demand also turbocharged by the stamp duty holiday. Grainne Gilmore, Zoopla's head of research, said: 'Demand is moderating from record high levels earlier in the year, but remains significantly up from typical levels. There is a continued drumbeat of demand for more space.'
Matt Oliver, City Correspondent, Daily Mail
