Icon: enlarge
Oxfordshire property
Photo: Tim Graham / Getty Images
Apparently, the British wealthy want to expand: Last month, sales of luxury real estate in the UK with a price of more than a million pounds (1.3 million dollars) doubled compared to the same month last year.
This is shown by an analysis by the real estate portal Rightmove reported by the Bloomberg news agency.
According to this, luxury properties are currently much more in demand than ordinary properties: properties that cost less than a million pounds were only up by around 60 percent in August compared to the previous year.
"A fourth bedroom was a luxury for buyers earlier in the year, but it's a must-have now," said Rightmove's Tim Bannister.
There would be a new urgency for extra space to work from home.
Rural areas are particularly popular with the wealthy: properties in excess of a million pounds have been sold particularly often in Norfolk, Wiltshire and Cornwall.
The UK property market is currently booming after barely any transactions were made during the lockdown and demand pent up.
House prices recently offset the losses in May and June and are now at a new all-time high.
Many economists had expected falling prices because of the corona crisis.
Most recently, the British government supported the market with a temporary tax cut: The purchase tax for real estate (stamp duty) was partially cut from three to zero percent.
Icon: The mirror
hey