According to a report released by Knight Frank on Monday, the number of accepted offers on homes in the U.K. continues to rise. In October’s second week, the number of offers on U.K. properties that were accepted was the highest on record however no numbers have been disclosed.
Experts on real estate predicted that, due to the pandemic, the frenzy of offers on large homes with wide open space and gardens would decline near the end of the year, with social distancing being the new normal. This however proved to be incorrect given the current growth rate of the U.K.’s growing real estate market is breaking records.
It was reported by Knight Frank’s head of U.K. research, TomBill, that these figures “highlight an emerging incongruity as many parts of the U.K. become subject to tougher lockdown measures and uncertainty builds around the end of the government’s furlough scheme,”
In spite of all this it was reported at the first half of the year 6.7% of accepted offers on homes fell through within 6 months making it all the more surprising. As of October’s second week, the exchanges in the UK property market (outside London) reached the highest its ever been prior. Tom Bill had this to say: “Given the large number of properties that have gone under offer since the market re-opened in May, this should come as no surprise,”
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