House prices have been rocketing since the start of the pandemic, as people have sought more space, saved more money and taken advantage of tax breaks on buying a home.

Households have been unable to spend as much money as usual, allowing those that have still been in work to save up for a deposit.

After the property market was temporarily paused in March last year, activity surged, with record sales.

The average sale price of a home in England jumped 10.2 per cent in a year from the start of the pandemic in March 2020.

Now the UK residential property market’s first £100 billion summer is on the horizon.

A forecast, by consultancy UK Residential Research, which takes the current trajectory of the housing market and applies it to the rest of summer months, estimates that there will be 420,000 sales in the UK across June, July and August at a total spend of a record £107bn.

This will make this summer the highest grossing quarter in UK residential market history, and is in stark contrast to previous years. Throughout the past half decade, total spend from buyers during the summer months has averaged £69 billion-per-year, a figure that comprised a little over 300,000 sales.

Speaking on the forecast, Nick Whitten, head of UK living research, said: “It is well-documented that the summer is the best time to sell a home, with sentiment receiving a natural positive boost from the warmer weather. However, our data suggests that this post-lockdown summer will set a new record.

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