Research by game-changing property platform, Boomin, estimates that just shy of £260.5bn worth of residential property was purchased across the UK in 2021, up 37% on the previous year, driven by a pandemic house price boom and a 25% annual increase in homes sold.
Boomin analysed property market performance based on the total number of transactions seen across the UK and the total value of these transactions based on average property values.
Most homes sold
In 2021, the South East saw the most market activity with just shy of 159,000 homes sold across the region.
Scotland was also one of the busiest areas of the UK property market with 113,437 transactions, while property sales also exceeded the 100,000 threshold in the North West (110,781), East of England (105,079) and South West (101,369).
In terms of the largest uplift in market activity, Northern Ireland ranks top, where there were 41% more homes sold in 2021 when compared to the previous year.
London also saw one of the largest increases in market activity with a 31% increase in transaction levels, along with the South East.
Total value of homes sold
With just over a million homes sold in 2021 at an average price of £259,576, homebuyers forked out almost £260.5bn on bricks and mortar – a +37% increase in total value when compared to 2020 – as the pandemic property market boom showed no signs of slowing.
Having seen the highest level of transactions, the South East was also home to the highest value of homes sold, with the 158,885 completed property sales totalling £56.3bn, followed by London where the total value of homes sold hit a huge £49.5bn across the 98,179 property sales to have completed.
The East of England (£33.5bn via 105,079 sales), South West (£29.3bn via 101.369 sales) and North West (£21.1bn via 110,781 sales) also ranked amongst the most valuable areas in terms of total value of homes sold.
However, it’s Northern Ireland again that saw the largest annual increase, with the total value of homes sold climbing +53% when compared to 2020.
Again the South East ranks high, with a +42% uplift in the value of property sold vs 2020, along with Wales and Scotland (+41%).
Michael Bruce, CEO and Founder of Boomin, says:
“There’s been an incredible number of homes sold during the pandemic, over a million in 2021 alone, which is a considerable increase on the previous year. Not only has the market exploded, but the total value of these transactions runs into the billions, driven by consistently increasing property values that are yet to show any signs of slowing.
However, with interest rates rising along with the cost of living, the market is predicted to cool over the coming year. As a result, we should see both transaction levels and market values start to slide and we’ve already seen signs of this during the final quarter of last year.”