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UK's housing market booms through October, Rightmove says

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A surge in Britain's housing market pushed up asking prices for homes this month by the most in more than four years, with buyers ready to pay a premium for larger properties after their lockdown experience this year, a survey showed on Monday.

FILE PHOTO: New houses under construction are pictured in Aylesbury, Britain August 6, 2020. REUTERS/Matthew Childs

Property website Rightmove said asking prices were 5.5% higher than in October last year. The average asking price now stands at a record 323,530 pounds .“Previous records are tumbling in this extraordinary market, and there are still some legs left in the upwards march of property prices,” Tim Bannister, Rightmove’s director of property data, said.

 

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Over the long term UK real estate is probably a poor investment as people are moving away from cities.

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