The UK recorded in July a “post-containment mini-boom” with the most sales agreements signed in more than a decade, totaling 37 billion pounds, according to the Rightmove ad site.
This flight is notably driven by a “Exodus” of the capital which translates into a decline in prices in London (-2%) and an increase almost everywhere else, with records in seven regions including Devon or Cornwall, in the south-west of the country, continues Rightmove in a study monthly published Monday.
A migration encouraged by the rise of teleworking since the containment put in place to fight the new coronavirus pandemic.
Rightmove reports from traders that owners or potential buyers are looking for a better quality of life with more space in the face of the high cost of living in London where public transport is usually overcrowded.
“More than just catching up with demand after real estate transactions were suspended during lockdown, there is additional demand because of people changing their priorities after the lockdown experience,” notes Miles Shipside, one from Rightmove executives.
With the highest number of sales ever recorded since Rightmove started these monthly surveys, he notes that this “mini-boom” is unexpected to say the least in midsummer, at a time “where we usually dive into the pool more than into the real estate market”.
The real estate market is also boosted by a moratorium on property tax for transactions on properties under £ 500,000, announced in July by Finance Minister Rishi Sunak as part of a stimulus package.
The market had also suffered in recent years from uncertainties related to Brexit, which had prompted many owners or potential buyers to postpone their buying or selling decisions.
