The UK housing market continues to grow in strength alongside a surge of property searches in lower density areas.
Since lockdown restrictions were lifted the property market has gained momentum with an increase in transactions and the current stamp duty holiday has proved a great incentive with many keen to close deals before it ends in March 2021. July was the busiest month in a decade for home buying, with £37bn worth of property sales agreed and the market is not showing signs of slowing at all.
Joshua Elash, director of bridging finance property lender MT Finance, said: “Transactional volumes are up again for the fourth consecutive month. Values are up again with the highest growth in over four years.
“With continued high levels of liquidity in the market, strong underlying demand, and a government committed to supporting the sector, it’s hard to see where this stops.
The property market looks and feels like one of the only market sectors outside of the digital space which is thriving. It’s breathtaking.” Original article featured here…
Research from Rightmove also shows the trend towards lower population areas continues as buyers are looking for larger houses to facilitate working from home and more outside space.
Searches doubled in 9 areas that have a population of less under 11,000 with Lightwater in Surrey being the most popular. In comparison, searches in the 10 largest cities collectively increased by 53% and have been eclipsed by the huge rise in searches for these countryside areas.
Tim Bannister, director of property data at Rightmove, said: “Back in May when the market reopened in England we wondered how long the desire to move to the country or to smaller towns and villages would last.
“It’s clear that this short-term shift has turned into a medium term trend, as our data is showing that home hunters looking at what’s available are also turning into serious buyers putting in offers.
“There are a number of likely drivers of this change, some buyers are now more willing to have a country commute a few times a week, and others are preparing for social distancing to be here for quite some time yet, and so are being drawn to places with more outdoor space.
“Housing markets in some of the biggest cities are still busier than this time last year as the quiet life definitely isn’t for everyone, but they’re not seeing the same surge as these smaller areas.”
Original article featured here…