The UK house prices rise as COVID pandemic impels rural relocation

Author : Saipriya Iyer | Published Date : 2020-11-20 

Amid the coronavirus pandemic where the world is facing economic distress, house prices in the South West of England have shown a rapid rise across the UK in the last year. As per Office of National statistics (ONS), the house prices increased by 6.4% in the year to the end of September, as compared to a UK average rise of 4.7%. Moreover, the Land Registry numbers have shown that detached homes witnessed the highest annual price rise in the UK.

The significant rise in the house prices is apparently due to relocation of people to rural areas due to the pandemic, while the country also witnessed some pent-up demand during the first national lockdown among those considering to relocate, as reflected in the recently published ONS and Land Registry statistics.

However, this has shifted the focus on the upper end of the property market, as some people working from home are preferring to buy properties with more space, both inside and outside. Reportedly, prices for detached homes have recorded a rise of 6.7% within a year.

Managing Director, estate agent group, Fine and Country Nicky Stevenson has stated that during the times of COVID pandemic, none of the segments of the UK economy have shown enhancement like the property market. Stevenson further added that the burgeoning demand for space remains the main growth driver for the market as price rise for flats and maisonettes is relatively lower as compared to larger properties, which have been thriving given the heightened demand.

According to credible sources, the annual price rise registered in the South West of England in the month of September was twice the level observed in the region in previous month. Prices increased by at least 3% as compared to the year earlier in every nation and region of the UK, except Northern Ireland, which accounted for a 2.4% rise. For the records, the UK housing market comprises of several local markets with which various factors impacting property prices such as availability of jobs and the performance of schools come into the picture.

Source credits: https://www.bbc.com/news/business-54986071

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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