Demand for UK homes climbs after virus lockdown eases: Rightmove

Bengaluru, India

DEMAND for homes has grown in Britain since businesses reopened in mid-May, said UK property website Rightmove, as consumers reassessed housing needs and the government declared a holiday from the stamp duty that home buyers pay. The number of sales agreed in England, which eased restrictions before other countries in the UK, jumped after finance minister Rishi Sunak's stamp duty break.

"Between June 1 and July 31, demand for sales properties has been 50 per cent higher than in the same period in 2019, with rental demand being over 20 per cent higher," according to Rightmove, an online portal where estate agents list properties.

"The recent lockdown has prompted a desire for people to move further away from the main population centres to areas which have less population density, but good broadband connectivity," CMC Markets analyst Michael Hewson said.

Rightmove, however, said its first-half results were hit as it offered discounts to help agents ride out the impact of the coronavirus lockdown for the period April to June.

Britain's property market came to a virtual standstill in late March and April as the lockdown prevented property visits. Rightmove expects further discounts in the second half to lower its revenue by £35 million (S$62.9 million) to £37 million. The company's average revenue per advertiser fell 34 per cent to £712 per month for the six months ended June 30. Operating profit slid to £61.7 million from £108.2 million last year. REUTERS

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