Race For Space

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Sell My House Quickly found another interesting article about properties in Reading. ‘Race for space’ fuelling busiest UK housing market since 2007.

Race For Space

Stamp duty holiday also spurred sales with one in 14 homes set to change hands in 2021.

This year’s property market is poised to become the busiest for 14 years. It includes one in 16 privately owned homes on course to change hands by the end of December, according to new data.

The property website Zoopla also said the annual rate of UK house price growth was running at 6.9%. It’s up from 3.5% in the same month last year. And that the average cost of a home had risen by £15,500 over the past 12 months.

Zoopla said it was forecasting that 2021 would be the UK’s busiest year for the property market since 2007.

It is in terms of property transactions as the pandemic prompted many households to re-evaluate their priorities and the government’s stamp duty holiday encouraged sales.

The website’s UK data for October comes days after official figures showed that house sales tumbled by more than half in the weeks immediately after the end of the stamp duty holiday in England and Northern Ireland.

HM Revenue and Customs last week reported that transactions across the UK slumped by 52% in the space of a month to reach 76,900 in October. It’s after thousands of homebuyers rushed to complete their purchases the previous month and beat the government’s end-of-September stamp duty holiday deadline.

The record surge in activity earlier in the year had also been driven by government guarantees. It’s for mortgages and a “race for space” prompted by the pandemic that has made many homebuyers prioritise properties with bigger gardens and more room for working from home.

We found this article about ‘Race for space’ fuelling busiest UK housing market since 2007 on The Guardian. Kindly click the link to read the full story.

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