‘Race for Space’ Boosts UK’s Busiest Property Market Since 2007 | Real estate market

Zoopla said he projects 2021 to be the busiest year in the UK for the property market since 2007 in terms of property transactions, as the pandemic has prompted many households to reassess their priorities and the holiday of rights to government stamp encouraged sales. UK website data for October comes days after official figures showed home sales fell by more than half in the weeks immediately following the end of the stamp duty holidays in England and Ireland North.

HM Revenue and Customs reported last week that transactions across the UK fell 52% in the space of a month to 76,900 in October after thousands of buyers rushed to complete their transactions. purchases the previous month and beat the government stamp duty of late September. holiday deadline. He said that while the 6.9% annual price growth recorded in October marked a slight slowdown from the above 7% growth recorded in August and September of this year, the average growth rate over the past three month was higher than at any time. since 2014, highlighting the strength of the market.

Zoopla said: “The real estate market in 2021 will be defined by the revaluation of the house caused by the pandemic, with many households being forced to relocate.” The most recent house price surveys from the UK’s largest mortgage lenders describe a property market that continues to defy the expectations of many experts. Halifax said earlier this month that UK house prices rose for the fourth consecutive month in October, adding 0.9% to the average cost of a home. Rival lender Nationwide said property values ​​rose 0.7% in October.

Sign up for the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk. buyers prioritize properties with larger gardens and more space to work from home.

However, rising interest rates – the first expected next month – and rising inflation could dampen the market.

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