From its recent House Price Index a leading UK property portal states that in spite of the pandemic house prices will remain strong for the rest of the year.

@andreyyalansky19 via Twenty20

The report has also data on how quickly properties are sold across England which is now two weeks faster in comparison to the same period last year.

In ninety days to the middle of August a typical three bedroomed house was sold in an average of 24 days, which is twelve days quicker than the corresponding period last year.

According to its research all types of residential property have been selling faster and the portal’s research director, said: “Housing market conditions remain unseasonably strong despite the UK moving into recession. Demand continues to outpace supply and support house price growth of 2.5% per annum. Meanwhile, houses are selling faster than flats as we see a shift in buyer priorities in the wake of the lockdown and movers prioritise more space.

“While the economy has contracted sharply and unemployment is rising, consumer spending has rebounded and purchasing manager indices are pointing to a wider rebound in the economy.

“This is positive but the unwinding of the furlough scheme and other Government support is the next challenge that will test the strength of economic recovery. In the short-term we still believe that house prices will end the year 2% to 3% higher than at the start.”

The temporary stamp duty holiday has also helped to stimulate a huge boost in sales.

Another trade body commented: “The surge of activity in the market is exceptional. Since the housing market reopened, our Members have been busier than ever with some saying they have never been as busy as they are now. In July 2019 there were around 25,000 SSTC a week across the industry. This year there are over 35,000 SSTC [Sold Subject to Contract] a week with the figure showing no signs of easing up.”