Surging property sales in UK as Londoners mulling to leave the city

LONDON (Aug 17): Over 37 billion pounds (US$50 billion) worth of properties was put on sale in the United Kingdom (UK), the highest since March 2008, Bloomberg reported citing property website Rightmove.

The report said the Londoners are looking at leaving the city after the lockdown due to the Covid-19 pandemic and tax break has also caused the sharp increase in property sales activities in the UK.

As working remotely becomes the new norm, coupled with the rising fears of the new wave of Covid-19 outbreak, Londoners are looking at relocating to countryside areas such as Devon and Cornwall. Both places are seeing record-high sales.

Meanwhile, stamp duty tax breaks on housing transactions also push housing sale activity higher, after a lackluster housing market during the lockdown.

Prices were at unseasonal record highs in seven regions, but the national average fell 0.2% weighted by London’s housing price drop.

The report said that there could be more people moving out from London in the next few months, as close to two-thirds of businesses in the country expect all or a part of their workforces to work from home for the coming year.

Nonetheless, the mini boom in the housing market might not be a long term one, as the economy is now in a recession and unemployment rate is expected to increase.

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