Reuters
Published Oct 19, 2020 00:23
Updated Oct 19, 2020 07:35
LONDON (Reuters) - A surge in Britain's housing market pushed up asking prices for homes this month by the most in more than four years, with buyers ready to pay a premium for larger properties after their lockdown experience this year, a survey showed on Monday.
Property website Rightmove said asking prices were 5.5% higher than in October last year. The average asking price now stands at a record 323,530 pounds.
In October alone, asking prices rose by 1.1% from September.
"Previous records are tumbling in this extraordinary market, and there are still some legs left in the upwards march of property prices," Tim Bannister, Rightmove's director of property data, said.
Rightmove said it expected the annual growth rate for asking prices to peak at around 7% at the end of the year.
Other surveys of the housing market have painted a similar picture, with demand driven by pent-up demand following the coronavirus lockdown and a temporary cut to property taxes, as well as the hunt for bigger properties.
The outlook for the housing market in 2021 looks tougher, with unemployment likely to rise sharply in the final months of this year amid a resurgence of the coronavirus pandemic and an easing of government support measures for businesses.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.