British market-leading property portal Rightmove has released numbers from its latest housing index report which show a market in the midst of an unseasonal boom. Rightmove recorded the highest number of sales since it started tracking numbers over ten years ago. Although the exact volume was not given, the report claims that the number was 20% higher than the previous record and that it represented £37 billion worth of transactions. Normally the UK housing market slows down considerably in summer, but this year the pent up spring demand has come to the fore with the latest weekly sales figures over 60% higher than 2019.
This pent up demand is not the only reason for the exceptionally high sales figures according to Rightmove Analyst Miles Shipside:
“Rather than just a release of existing pent-up demand due to the suspension of the housing market during lockdown, there’s an added layer of additional demand due to people’s changed housing priorities after the experience of lockdown.”
Property portals in the UK have seen big surges in traffic as a result of the demand and both Rightmove and Zoopla have launched massive marketing campaigns in recent months to capitalise on a rush to purchase property.