Why is demand so high for UK property?

Did you know that 104,980 UK residential properties were sold in August alone?

This is a 7.6% uptick on the level sold in August last year, and a 1.1% jump on July. This is the latest news from HMRC, as revealed in its latest Property Transactions data.

But why the jump?

The UK property market is renowned for its resilience, and therefore draws attention and investment from across the globe. While other countries are much more reliant on the Private Rented Sector, the UK has an extremely strong relationship with homeownership, meaning demand for property remains high in economic downturns. The delays to housebuilding have also stretched demand further, with construction levels in the Covid pandemic (2020 to 2021) falling to the same level as those in the 2008 financial crisis, according to the Office for National Statistics.

Conor Murphy, Smartr365 Founder and CEO, concurs: “Today’s data comes against a backdrop of macroeconomic uncertainty but indicates that the UK housing market remains remarkably resilient despite the ongoing headwinds. A trend that has been consistent for some months now, this is indicative of the overall resilience of the wider UK economy.”

To see why we’re trusted by over 3,500 UK brokers, book your demo today.