A significant unprecedented increase in residential property prices in the UK in February was due to a reassessment of buyers ’preferences as a result of the corona virus outbreak.
Real estate prices have risen 8.6 percent year-on-year, the strongest pace since October 2014, according to data released by the UK Statistics Office on Wednesday. Analysts expect 7.1 percent after rising 8 percent in January.
Average prices rose to 000 250,000 – more than million 105 million at the central market rate – from ஆண்டு 20,000 in February last year.
Average prices rose to 8,268kg (+8.7%) in the UK, 180kg (+8.4%) in Wales, 2,162kg (8.0%) in Scotland and 8,148kg (+5.3%) in Northern Ireland. Housing prices rose 11.9 per cent in the north-west of the UK and the lowest in London at 4.6 per cent.
Adjusted for the season, home prices rose 0.5 percent a month in February, down from 0.8 percent in January.
Between 2016 and 2019, residential property prices in the UK rose at a slow pace and then returned to strong growth in early 2020. According to the Bureau of Statistics, a number of factors, including changes in purchase options and changes in the home purchase tax, may have played a role.
For example, detached homes were 9.1 percent higher in February than a year earlier, while apartments and townhouses were only 6.7 percent more expensive. This is because families displaced by the epidemic are looking for a more spacious and comfortable place.
In addition, the tax on home purchases was suspended last summer, in the UK and Northern Ireland, up to 000 500,000 and in Scotland and Wales, up to 000 250,000. It ended in Scotland at the end of March, and the discount in the other three countries ends at the end of June.