According to a monthly gauge of housing prices in the UK from the Royal Institution of Chartered Surveyors (RICS), Britain witnessed a post-lockdown surge in the housing market in August, with house prices hitting their four-year high
Tired of coronavirus-induced lockdown, real estate buyers are seeking properties with gardens, said a report from a survey which also warned that recovery in housing prices could run out of steam.
Prices have risen across the UK, with London being the only exception, where real estate prices have remained more or less flat over the last two months.
RICS’ survey also mirrors other signs that a mini-boom is underway in the housing market, a sector which is bouncing back early from the coronavirus pandemic helped in part by an emergency tax break for buyers.
According to RICS, “Demand accelerated sharply, helped by a shift towards properties with gardens after the COVID-19 lockdown”.
Nearly 83% of those surveyed said, they expected to see higher demand for properties with gardens with most predicting reduced demand for homes in dense urban areas.
“The latest RICS survey provides firm evidence of a strong uplift in activity in the housing market which should help support the wider economy gain traction over the coming months,” said RICS chief economist Simon Rubinsohn.
The development comes at a time when Andrew Bailey, the Governor of the Bank of England said, it is too soon to say if the rebound in the housing market was anything more than a release of pent-up demand following lockdown, helped by the temporary cut to property taxes.