The UK property market has seen a surge in activity in the latest week, with house sales reaching their highest level since the mini-budget of October 2018. This is according to the latest figures from the Royal Institution of Chartered Surveyors (RICS).
The figures show that the number of sales agreed in the week ending April 28th was up by 11% compared to the previous week, and the highest level since October 2018. This is the first time since then that the number of sales agreed has exceeded the long-term average.
The increase in activity is being attributed to an increase in buyer demand, as well as a rise in the number of properties coming onto the market. This is likely due to the recent relaxation of lockdown restrictions, which has allowed estate agents to open their doors again and resume normal operations.
The increase in activity is also being driven by the government’s stamp duty holiday, which has been extended until the end of June. This has made it more attractive for buyers to purchase a property, as they can save up to £15,000 in stamp duty.
The RICS figures also show that house prices have continued to rise, with prices increasing by 2.2% over the past three months. This is the strongest rate of growth since October 2018. The rise in house prices is likely to be driven by a shortage of properties available for sale, as well as increased buyer demand.
Overall, it appears that the UK property market is beginning to recover from the effects of the pandemic, with house sales reaching their highest level since October 2018. The government’s stamp duty holiday and relaxation of lockdown restrictions have helped to drive this recovery, and it looks likely that house prices will continue to rise in the coming months.