Posted on Aug 24, 2020

The Mortgage Bureau

The UK property market is experiencing a record-smashing summer mini boom. The post-lockdown surge in activity also saw the highest number of homes being put up for sale since March 2008, in contrast to the usual summer sales lull. The new figures show asking prices up in 10 out of 12 regions, hitting record highs in 7 areas as the exodus from urban centers continues.
There is a notable shift out of London and the South East – the only 2 regions to see monthly price falls – as the possibilities of remote working and the post-lockdown desire for more space take hold. The 2 regions also saw the lowest annual rise in asking prices, with the London figure up 2% to £629,000.
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.
London has 69% more properties coming to market, with the South-East at 60% and the East at 56% With work and transport patterns potentially changing most around the capital, commuter belt properties need to have more appeal to prospective buyers than just proximity to a station.
For help with your mortgage in Cambridge call The Mortgage Bureau 01223 656412
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