Nick Barnes, head of research at Chestertons
The housing market has proved remarkably resilient in the face of the COVID-related disruption and buyer demand has been sustained at a high level since May.
UK residential sales in October reached their highest level since March 20161 and prices have also risen, reaching 4.7% growth across the UK in the year to September, the highest rate since October 2017.
In London there has been a notable divergence between the mainstream market and the prime locations.
Annual price growth across Greater London in September was 4.1%, whereas prime London prices have fallen by 2%-4%.
Although the hangover from COVID-19 will be felt throughout next year and beyond, the outlook for 2021 is positive for a number of reasons.