Skip navigation

Gloucestershire Business News

House buying boom sees 'busiest month in a decade'

Despite all the uncertainty of the Coronavirus pandemic, July saw a £37bn UK house-buying boom.

This was the busiest month of sales in a decade, according to property website Rightmove.

Record-breaking transactions coincided with the country going into recession and the suspension of stamp duty.

The spike followed a suspension of the housing market during the coronavirus lockdown, but also coincided with the UK plunging into a recession.

Chancellor Rishi Sunak also cut stamp duty in July, in an effort to encourage more people to get on the housing ladder.

Rightmove said the average asking price for a house in the UK in August stood at £319,497, down by around 0.2% from July's £320,265 - which was a record high.

Many parts of the country recorded new highs in August but London pulled the national asking price down, with average prices falling by around 2%.

House prices usually drop over the summer, with many people opting to travel on holiday, according to the website. In July 2019, £25bn worth of sales were made..

James Birt, managing director of Gloucestershire-based estate agents Naylor Powell, said: "We have seen a significant increase in activity and sales agreed across our four Gloucestershire offices.

"We are being invited to value almost a third more properties than we were this time last year. Sales being agreed for June and July is approximately 20% higher than the same period last year. "Clients are telling us that there are a number of factors making them look to move now. Firstly, by not going on holiday they have more time and enthusiasm to make a long term-investment.

"Secondly, the stamp duty holiday is making them bring forward plans which they may have had for next year. And thirdly, there is a significant demand for more space at home, whether that be more rooms or a larger garden.

"Spending so much more time at home has given clients time to assess what they want in their next home."

Related Articles

VIDEO: Last piece of Gloucester Quays for sale Image

VIDEO: Last piece of Gloucester Quays for sale

Gloucester-based Numold is to sell its canalside property in the middle of Gloucester Quays after 30 years.

GE Aerospace sees orders and profits soar Image

GE Aerospace sees orders and profits soar

GE Aerospace has raised its full-year profit guidance after releasing its first quarter financial results.

Auction: 11 retail units for sale in Cheltenham Image

Auction: 11 retail units for sale in Cheltenham

Winchcombe Street shops go under the hammer.

Decathlon extends sustainable sport gear scheme Image

Decathlon extends sustainable sport gear scheme

Sports retailer, Decathlon, has expanded its sports gear buyback scheme.

Copyright 2024 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.