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Gloucestershire Business News

Housing market returns to pre-pandemic levels

Property sales have bounced back close to pre-lockdown levels in most parts of England.

Property website Zoopla says pent-up demand saw a six per cent rise in house prices last week compared to 12 months ago - just days after Nationwide said prices were falling at the fastest rate since the financial crisis.

Sales since the housing market reopened four weeks ago across the South West are 1.7 per cent down on what they were before restrictions were introduced in March with the North West only 0.9 per cent down.

London is bucking the trend at 24.8 per cent lower than the week up to March 8 while the property market in Scotland and Wales remains closed.

Zoopla research director Richard Donnell told the Guardian: "Lower asking prices for homes sold over the lockdown period may drag down indices over May, but this new date suggests house price growth is set to remain positive in the next two months.

"New sales agreed have rebounded and are just 12 per cent short of the levels seen in early March as buyers return to the market and agree to new purchases.

"We have seen the number of new sales agreed rise by 137 per cent since the market reopened."

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