The mini boom

July saw the property sector enter a mini boom with house prices at a record high and August has not disappointed. With speculation of a dip, August has in fact reached a new height with house prices at the highest ever recorded since the Halifax house price index began which, in turn, has easily balanced the losses made earlier in the year for most.

With figures released by Rightmove showing monthly sales for August at their highest in 10 years, we’re pleased to see that the mini boom hasn’t lost momentum. This month sales are up by 20% in comparison to the previous high with a total record value of £37bn!

While the mix of pent-up demand and the government’s decision to put a Stamp Duty Holiday in place may be a large part to play, the continuing success of the industry is also supported by the impact COVID-19 has had on people’s priorities. Whether they’re renting or buying, people are looking for more space, outdoor areas, strong broadband connections and proximity to outdoor spaces. Many people are on the hunt for their next home to fulfil their new desires which is likely to continue into the coming months.

Unfortunately, there are many industries which have not come out the other side of the pandemic with so much positivity. The real estate industries ability to bounce back time and time again is a force to be reckoned with and offers vast amounts of optimism for the future and what’s to come next.