How COVID-19 shifted housing demand in the UK

How COVID-19 shifted housing demand in the UK

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.

houses-sell-faster

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.

Most Recent News

New procedure for the UK company formation

New procedure for the UK company formation

Offshore jurisdictions update

Offshore jurisdictions update

How COVID-19 shifted housing demand in the UK

How COVID-19 shifted housing demand in the UK