The UK has registered record sales of home between July and early August amid Covid-19 outbreak which have brought the property market on its knees, media reports said.
It is reported that during July and August, 90 percent of estate agents in the UK saw a surge in home sales as compared to 20 percent higher than its previous record. The data has been accumulated by Rightmove, a renowned property website in the UK.
Rightmove director Miles Shipside told the media, “Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown. The out-of-city exodus has helped push prices to record levels in Devon and Cornwall, for example, where working from home means a different lifestyle much closer to your new doorstep”.
According to Bank of England, it only sanctioned few home loans before the pandemic but there is a sharp rebound in demand for mortgages.
It is reported that the average asking prices in the UK is 4.6 percent in July and August, which is higher than a year earlier. However, in London, the asking prices slumped 2 percent. Furthermore, the asking prices rest of the places in the country are higher other than metropolitan area in the capital city.
It’s pretty surprising that the UK’s real estate is performing better than many economies such as South Korea, Hong-Kong, and others where there is sharp decline in the demand for home sales.