Extra £62bn of housing sales agreed this year off back of post-lockdown mini-boom
An extra £62billion of housing sales have been agreed this year off the back of a post-lockdown mini-boom, according to Zoopla.
The property website estimates that overall sales in 2020 increased from about £238billion to £300billion in value, with high numbers of affluent movers helping to lift the figure.
It comes as families, after spending more time indoors during the lockdowns, are seeking bigger properties with gardens, parking and space to allow them to work from home.
Boom: Zoopla estimates that overall sales in 2020 increased from about £238billion to £300billion in value
Demand has also been turbocharged by Rishi Sunak’s stamp duty holiday for homes under £500,000, which finishes in March.
Kevin Shaw, of property firm Leaders Romans Group, said: ‘Having to spend more time at home this year has led to many of us seeking more space.
‘We are seeing reduced demand for flats in city centres, while we expect desire for properties in the suburbs to continue to grow.’
Average UK house prices jumped 5.4 per cent in October compared with a year ago.