Homes have been selling at a faster rate across the United Kingdom, since the lifting of most of the restrictions. Houses are selling on average in just 27 days. That’s over 30% faster than this time last year.
Three-bedroom houses remain the most in-demand type of property in the UK. But drilling down to a regional level, there has been a noticeable uptick in demand for three-bedroom houses in London and south-east England, as people look for more space, says an analyst from UK leading property portal – Zoopla. Zoopla sees an increase in wealthier sellers coming to the market compared with last year.
The COVID -19 pandemic has been the catalyst for a lot of movement. What we see is a re-evaluation of housing requirements that shift the demand. Consumers developed an appetite for more space and changing work. Commuting patterns also changed in favour of work-from-home. And since you work from home, you need one.
It’s also interesting to see the housing markets reigniting in London and south-east England. They’ve had weak market conditions in recent years but improved affordability and the current stamp duty holiday have had a knock-on impact on activity. House prices will likely end the year 2% to 3% higher than at the start.
ORACLE CAPITAL GROUP is an investment and real estate development consultancy specialising in residential and commercial property projects.
