Value of residential homes sold fell by 38% in 2020

Jake Carter

February 17, 2021

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The total value of residential property sales across England and Wales in 2020 fell by 38%, according to estate agent Keller Williams UK.

The data shows that £171.7bn worth of residential property was sold last year.

Westminster noted the greatest monitory value of sold residential properties across England and Wales last year at £2.9bn in 2020.

Kensington and Chelsea followed with £2.7bn worth of property sold and Wandsworth with £2.5bn.

Cornwall is the most valuable market outside of the capital, with £2bn worth of properties sold in the area.

This was followed by Birmingham, which recorded £1.8bn in property sales throughout 2020.

Ben Taylor, chief executive of Keller Williams UK, said: “Despite the radical market turn around spurred by the reopening of the property sector and the introduction of a stamp duty holiday, COVID-19 has clearly had a lasting impact on the market in 2020.

“While the average house price has surged this year, a 38% reduction in the total value of property sold demonstrates the detrimental impact the pandemic had on market activity over the last year.

“This is even more significant when you consider that it’s compared with a 2019 market that was already operating sluggishly due to Brexit uncertainty.

“However, when considering all of these factors, it makes the late rally shown by the property market in the wake of a stamp duty holiday introduction all the more impressive.”

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