The housing market in the UK is seeing a surge in prices for October by the highest in four years. It is reported that buyers are willing to pay a premium for larger properties following the lockdown as a measure to curb the spread of the coronavirus in the country.
According to Rightmove, the home prices had increased 5.5 percent compared to October last year. Now the average asking price is around $418,162, and in this month alone, the prices climbed by 1.1 percent from the previous month.
Tim Bannister, Rightmove’s Director of Property Data, told the media, “Many buyers seem willing to pay record prices for properties that fit their changed post-lockdown needs, though agents are commenting that some owners’ price expectations are now getting too optimistic, and not all properties fit the must-have template that buyers are now seeking. Not only is the time left to sell and legally complete before the 31st March stamp duty deadline being eaten away by the calendar, but more time is also needed because the sheer volume of sales is making it take longer for sales that have been agreed to complete the process.”
The annual growth rate is anticipated to peak in December at around 7 percent higher than the previous year. Now the country is witnessing a boom in the real estate market despite the protracted pandemic. It seems that there was a 49 percent increase in traffic last month compared to the same period last year, marking the biggest year-on-year jump since 2006.