Today, it has been revealed that more than £37bn worth of property sales were agreed in July – the busiest month for home buying for more than a decade, according to property website Rightmove. By comparison, in July 2019, house sales hit £25bn.
The sharp rise in the number of property sales followed the suspension of the housing market during the COVID-19 enforced lockdown. Perhaps the leading reason for the rise was due to the cutting of stamp duty during July, as part of the government’s efforts to get the economy moving in a positive direction again.
However, the rise coincides with the UK plunging into a recession.
Rightmove Director Miles Shipside said: “We associate this time of year with diving into the pool rather than the property market, and of sand and sun rather than bricks and mortar, but buyers have had a record £37bn-monthly spending spree. More property is coming to market than a year ago in all regions, and at a national level the new supply and heightened demand seem relatively balanced. However, those expressing most desire to move on are unsurprisingly in London and its commuter belt.”
The online property website revealed that the average asking price for a house in the UK in July was £320,265 – which was also a record high.