House sales and the economy
1,111,000 residential transactions are expected to complete in the year to March 2021.
For every residential property resale, an average of £9,559 is added to the UK economy. That is an estimated £6bn added to the UK economy so far this year.
Demand levels and sales activity remain buoyant in the UK housing market. Rightmove report agreed sales were up 50% in October, with properties selling (sold SSTC), in just 49 days, 15 days faster than a year ago.
Buyer demand across England was 49% higher year-on-year during the beginning of of Lockdown 2.
Rightmove estimate that there are 650,000 sales going through the buying and selling process, 67% more than at the same time in 2019. This will be a huge boost to the UK economy.
The market is currently strongest in the higher price brackets. Year-on-year has been a 106% uplift in sales priced £400,000–£500,000 compared to just 16% for those priced £100,000–£200,000
Activity levels are also higher in the regions where average property prices are the highest, buyers set to make bigger stamp duty savings in these locations.
On average £5,400 is spent on renovations and new household goods, £3,100 on estate agency and legal fees and the rest comes from spending on removals and property surveys.
The housing market also helps support jobs, per 100,000 transactions a total of 11,557 jobs are directly or indirectly supported.
1,111,000 residential transaction are expected to rise to 1,279,000 in the year to March 2022.
Source: Dataloft, Rightmove (October 2020 v October 2019) Knight Frank, Home Builders Federation, Office for Budget Responsibility
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