‘Race for Space’ Causes 10.9% Increase in UK House Prices.
The demand for larger homes has made this increase the highest in the last seven years.
Younger home buyers are just as interested in building a new life in the country as they are in moving into the bright lights of a big city as they react to post-pandemic changes in work patterns and rapidly rising wages property prices.
Data released Tuesday by the Nationwide Construction Society showed that property demand has raised median home prices 10.9% over the past year, the fastest pace in nearly seven years.
Prices rose on average 1.8% in May, after a 2.3% rise in April, according to the figures, raising the annual rate of increase from 7.1% the previous month.
As a result, the median home price in Britain has peaked at £ 242,832, almost £ 24,000 in the last 12 months. A decade ago, in May 2011, the median house price in the UK was below £ 170,000.
The price increases are being driven by a “race for space” as buyers search for larger homes and gardens, according to the mortgage lender’s research. Almost one-third (30%) of buyers plan to move in order to access a garden or outdoor space more easily, while a similar number want to buy a larger property.
“The race for space has had a significant impact on prices.”
More than 20% of buyers who have moved or want to move say they want to “get away from the hustle and bustle of urban life,” according to Nationwide. While there is a stronger preference for rural life among middle-aged home buyers, many younger buyers are also seeing the attractions of rural locations.
While a quarter of 18-24-year-olds still wants a home in larger cities and towns, the Nationwide survey shows that an equal number head to villages to build their homes in more pastoral settings.
“One of the first questions they ask us is whether there is decent internet speed,” said David James, a partner at James Dean Estate Agents in Brecon, which operates in South and Central Wales. “Our biggest price increases have been for four- or five-bedroom single-family homes where people can have one or two offices and work from home.”
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