Britain hits an absurdly high average asking price for homes
Category: #headlines  By Nikita Chaurasia  Date: 2020-10-20
  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn

Britain hits an absurdly high average asking price for homes

Reportedly, the average asking price of houses in Britain has reached an all-time high, with buyers willing to spend more for larger properties after experiencing the COVID-19 lockdown.

Sources with relevant information stated that for the first time, various estate agents across the U.K. as well as the property website Rightmove, are listing more houses as sold than available for purchase.

According to Rightmove, housing sales rose by 70% year on year in September, however the figure dropped to 58% in October. The property website further confirmed that the housing prices have increased by 7% in 2020 as compared to 2% which was recorded in the year 2019.

A series of studies have reportedly shown a flourishing housing market in the U.K., which apparently is driven by a temporary halt on stamp duty along with the so-called 'race for space'. Sources further stated that various households have reassessed their individual lifestyles, especially during the coronavirus pandemic.

It is to be noted that the average price of the properties is approximately around £575,594 (USD 74,5077), which is a 2% increase as compared to September’s figures. Moreover, properties on which stamp duty holiday applies are worth around £500,000 (USD 6,47,377), with buyers benefitting from £15,000 (USD 19,422) in tax savings.

Director of Rightmove Property Data, Tim Bannister, mentioned in a comment that potential buyers are seeing properties going for sale rapidly, with surging prices adding to the momentum. He further claimed that the number of buyers contacting the agents have increased by two-third as compared to previous year, and this trend is expected to continue through Christmas and as well as the upcoming year.

However, the housing market outlook in Britain for the year 2021 looks rough, with unemployment rates expected to rise sharply in the final months of 2020, cited sources with knowledge of the matter.

Source Credits –

https://www.theguardian.com/money/2020/oct/19/average-asking-price-for-homes-in-britain-hits-record-high

  • shareshare_icon
  • Twitter
  • Facebook
  • LinkedIn


About Author

Nikita Chaurasia     twitter

Nikita Chaurasia

Having always been daft at wordplay, Nikita Chaurasia, post the completion of post-graduation, commenced her journey into the content generation cosmos. Endowed with a professional MBA degree in Advertising and Public Relations, Nikita strives to integrate her creativ...

Read More..

More News By Nikita Chaurasia

U.K.’s competition regulator might look into the music streaming space

U.K.’s competition regulator might look into the music streaming space

By Nikita Chaurasia

The Competition and Markets Authority of the U.K. has revealed plans to launch a probe targeting the country’s music streaming market to ascertain if it is sufficiently consumer-centric and competitive. The announcement came after a U.K. parli...

India’s vaccination drive slows down as dose gap holds back output

India’s vaccination drive slows down as dose gap holds back output

By Nikita Chaurasia

India’s vaccination efforts have reportedly slowed down despite stockpiling vaccines as authorities are maintaining a more than usual gap between two shots. This is a part of the strategy to boost vaccine coverage in the country. The domestic ...

McDonald’s to test McPlant meatless burger at eight U.S. restaurants

McDonald’s to test McPlant meatless burger at eight U.S. restaurants

By Nikita Chaurasia

The McPlant patty is developed in collaboration with Beyond Meat Inc. It will be prepared using vegetarian ingredients like peas, potatoes, and rice. McDonald’s will reportedly start offering its first vegetarian option in the U.S., the ne...