UK residential real estate boom picks up steam

UK residential real estate boom picks up steam

UK residential real estate boom picks up steam

The boom in the UK residential real estate market is picking up steam this month due to the pandemic-fueled British desire to increase their living space, as well as tax breaks.

As a result, the average home price for the month ending September 20 skyrocketed to its highest value in four years. Prices quoted in advertisements jumped 5% year-on-year, to an average of almost $ 320,000 ($ 415,000), according to real estate portal Rightmove.

As the coronavirus infection has forced people to spend more time at home, the British have become interested in expanding living space, as well as in homes far from urban centers.

“There is a new need for extra space to work from home,” says Rightmove CEO Tim Bannister. “At the beginning of the year, the fourth bedroom was a huge luxury for buyers, but now it is becoming a must.”

Rightmove estimates that sales are now about 40% higher than at the same time a year earlier, according to MarketWatch. At the same time, sales of houses with three and four bedrooms more than doubled.

However, since the beginning of the current year, sales remain 5% lower compared to the same period in 2019.

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