Asking prices for UK homes rise in unison for the first time in 14 years


[ad_1]

Estate agents’ sale and rental signs are seen attached to railings outside an apartment building in south London, Britain September 23, 2021. REUTERS / Hannah McKay

LONDON, Oct. 18 (Reuters) – Asking prices in all regions and segments of the UK property market have risen in unison for the first time since 2007, as homebuyers’ demand again outpaced homes put on the market, an investigation found on Monday.

Real estate website Rightmove reported price increases for homes typically sought after by first and second buyers and for larger properties with five bedrooms or more in all regions in its survey which covered the period September 12 to October 9. .

Average asking prices rose 1.8% from the previous month, the biggest jump at this time of year since 2015, to an all-time high of 344,445 pounds ($ 473,922).

The number of potential buyers per property has more than doubled from pre-pandemic levels.

“The stockouts started after the first foreclosure and look set to continue, with the underlying housing market fundamentals remaining strong, and an added incentive to buy and fix your mortgage interest rate before a Widely anticipated rate hike, “Tim Bannister, Director of Rightmove. property data, said.

The Bank of England is expected to raise interest rates for the first time since the start of the pandemic, either later this year or in early 2022.

The survey sounded with further signs that the housing market remained strong despite the phasing out of temporary tax relief on property purchases.

Finance Minister Rishi Sunak cut the stamp duty, a tax on home purchases, in July 2020 as part of his emergency measures to help the economy weather the pandemic.

In July, it started to return to its normal level and the tax break completely expired last month.

Another driver of the housing market has been the demand for more space for increased homework, a factor that has also led to sharp price increases in other countries.

Asking prices increased in monthly terms by the most in Wales and North West England, up 2.3%, and by the least in East England, up 0 , 1%.

($ 1 = 0.7268 pounds)

Report Victor Jack Editing by William Schomberg

Our standards: Thomson Reuters Trust Principles.

[ad_2]

About Clara Barnard

Check Also

Global Hemophilia Treatment Market Report to 2031: Players

Dublin, Nov. 11, 2022 (GLOBE NEWSWIRE) — The “Hemophilia Treatment Market by Type, by Drug …