Friday, August 19, 2022
Real EstateUK

UK property market attracts buyers again

UK property market

Rightmove says there has been a long-term shift with buyers willing to pay more for space and privacy

The housing market in the UK was relatively immune to the economic impact of Covid, with demand and price rises remaining high throughout the pandemic.

This was driven by the race for space, with buyers attracted by larger, coastal or rural properties.

But as workers returned to offices, interest in apartments revived.

However, this is not a return to the pre-pandemic property market. Rightmove says there has been a long-term shift with buyers willing to pay more for space and privacy.

That means the gap in asking prices between detached and semi-detached homes has been stretched. In October, the typical asking price for a detached house was 76% higher than a semi-detached, compared with 70% in March 2020.

Prospective buyers have also widened their searches by an average of 50 sq km, perhaps willing to move slightly further away from transport links and High Streets as they spend more time working and entertaining themselves at home.

Tim Bannister, Director of property data at Rightmove, said: The pandemic redefined the role of the home and placed new emphasis on its importance, and people looked for more room in order to work, exercise, and often teach under one roof.

He said: While we know from our data that people really care about people and their local community, the pandemic also made us more conscious of our personal space.

There was a surge in buyers in 2020, as people reassessed where and how they wanted to live. Government support through stamp duty holidays, as well as historically low mortgage rates, also encouraged many people to move, or bring forward future plans to relocate.

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