British Property Boom Amid Pandemic
Experts and analysts chime in on the boom of the British property market and how the pandemic woes and government intervention have not halted sales.
The post British Property Boom Amid Pandemic appeared first on LUXUO.
The British real estate market is defying a purported house price crash even in the midst of a global pandemic.
Homes sold by Barratt Homes UK. Image: Barratt Homes UK
There are some pointers to observe in Britain’s property market; positive signs of a housing boom. The nation’s largest homebuilder Barratt Development posted an almost doubling of profits to £812 million amid gloomy forecasts and the worsening pandemic that has plagued the country hard.
Property experts are witnessing hard-to-sell homes being snapped up in a year-long break-neck sales record. In areas of high demand, even properties that looked like the last cookie in the jar spent mere days on the market before being snapped up by desperate buyers. Thus, proving a house price crash isn’t likely. Though property sales screeched to a halt during the first lockdown in early 2020, the proof of this summer’s harvest is the brisk property sales. This and the tech industry has emerged as one of the pandemic sectors fecund with revenue. Andrew Wishart, a property economist at consultants Capital Economics, said: ?With the amount of secondhand stock on the market currently extremely limited, house prices could continue to surprise on the upside.?
READ MORE: Riding The Reboun...
The post British Property Boom Amid Pandemic appeared first on LUXUO.
The British real estate market is defying a purported house price crash even in the midst of a global pandemic.
Homes sold by Barratt Homes UK. Image: Barratt Homes UK
There are some pointers to observe in Britain’s property market; positive signs of a housing boom. The nation’s largest homebuilder Barratt Development posted an almost doubling of profits to £812 million amid gloomy forecasts and the worsening pandemic that has plagued the country hard.
Property experts are witnessing hard-to-sell homes being snapped up in a year-long break-neck sales record. In areas of high demand, even properties that looked like the last cookie in the jar spent mere days on the market before being snapped up by desperate buyers. Thus, proving a house price crash isn’t likely. Though property sales screeched to a halt during the first lockdown in early 2020, the proof of this summer’s harvest is the brisk property sales. This and the tech industry has emerged as one of the pandemic sectors fecund with revenue. Andrew Wishart, a property economist at consultants Capital Economics, said: ?With the amount of secondhand stock on the market currently extremely limited, house prices could continue to surprise on the upside.?
READ MORE: Riding The Reboun...
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