With the lockdown mini boom, the real estate market is having its busiest month ever, Rightmove says. A £ 37 billion home sale has been agreed
- Rightmove had the highest monthly revenue on record
- Despite the pandemic, it cost £ 12 billion more this July than last year
- The median asking price for a house was £ 768 below the previous year's record
The real estate market had its busiest month in stamp duty, coupled with a lockdown mini-boom that saw £ 37 billion worth of real estate on sale.
Rightmove said they agreed to sell £ 37 billion between mid-July and August 8, the highest monthly total since records began more than a decade ago. The figure for July last year was £ 25 billion.
The average offer price in August fell by £ 768 to £ 319,497, but this is less than the typical fall in prices at this time of year.
Offer prices rose during the month in ten of the twelve regions covered, with the exception of the Southeast, which fell 0.2 percent and the 2 percent decrease around London.
Rightmove had its busiest month in a decade, as buyers and sellers focused on real estate rather than holidays (file photo)
Only London clouded the picture, with prices falling 2 percent last month.
Rightmove reported that sales for the week ending August 12 were up 60 percent compared to the same period last year.
Spokesman Miles Shipside said, "We associate this time of year with soaking in the pool rather than the property market and sand and sun rather than brick and mortar, but buyers have had a record £ 37 billion monthly spending spree."
Sales of £ 37 billion were agreed in July – the highest monthly total since Rightmove began recording more than ten years ago (file photo)
He said the increase in activity wasn't just due to the temporary stamp duty leave introduced for England and Northern Ireland.
"There are more properties on the market in all regions than a year ago, and at the national level, new supply and increased demand appear to be relatively balanced," he said.
"However, those with the greatest desire to go are not surprising in London and its commuter belt."
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