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- U.K. house prices hit a record in buying frenzy - Rightmove
U.K. house prices hit a record in buying frenzy - Rightmove
Bloomberg reports that the property website Rightmove said that U.K. house prices surged to a record this month with a tax break on purchases and rock-bottom interest rates prompting a “buying frenzy”.
The average cost of a home rose 2.1% to 327,797 pounds ($450,983) in April, marking only the second time in the past five years it rose that much in a single month. Almost a quarter of sales were for properties on the market less than a week, with larger homes outside London snapped up quickest.
The figures reflect an urge by consumers to move outside cities following three national lockdowns to control the coronavirus in the past year. Buyers are also taking advantage of borrowing costs near a record low and aid from the Treasury in the form of a holiday on stamp duty and support for borrowers with small deposits.
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