Monthly completed house sales volumes in England and Wales 2015-2021

House sales volumes can be affected by several factors, including mortgage rates, house prices, supply and demand as well as the overall health of the market. As the coronavirus (COVID-19) pandemic struck in the second quarter of 2020, the number of house sales plummeted, followed by a period of spikes and dips. The economic uncertainty and rising unemployment rates also affected potential buyers' intentions.

House prices

With demand for housing remaining strong during the pandemic, house prices across the the UK saw a dramatic increase. Between November 2020 and November 2021, the average house price in England rose by more than 26,000 British pounds.

Mortgages

The mortgage interest rates in the UK have been on a continuous downward trend since 2008. With interest rates at record low levels in 2020 and 2021, many aspiring homeowners used the opportunity and purchased a home. In the second quarter of 2021, the value of gross mortgage lending peaked, reaching nearly 90 billion British pounds.