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Buyer demand nudges up asking prices for UK houses: Rightmove

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By Reuters
Buyer demand nudges up asking prices for UK houses: Rightmove
Buyer demand nudges up asking prices for UK houses: Rightmove   -   Copyright  Thomson Reuters 2021   -  

<div> <p>By Andy Bruce</p> <p><span class="caps">LONDON</span> – Asking prices for houses in Britain resumed their upward trend this month as buyer demand far outstripped the supply of houses coming to the market, a survey showed on Monday.</p> <p>Real estate website Rightmove said asking prices rose by 0.3% in its September survey to reach a new record high of 338,462 pounds ($466,671), reversing a 0.3% drop in early August.</p> <p>Overall the survey added to signs that the housing market has retained some of its upward momentum even after the gradual withdrawal of temporary tax breaks on property purchases.</p> <p>Finance minister Rishi Sunak cut stamp duty, a tax on house purchases, in July 2020. But in July it started to return to its pre-pandemic level and the tax break fully expires this month.</p> <p>The tax cut aimed to reverse a slump in property sales at the start of the pandemic, and helped fuel a surge in property prices and some new construction. Many households were already seeking more spacious housing suited to working from home, a factor which has led to big price rises in other countries too.</p> <p>“The high ratio of buyer demand to properties for sale means that the property market remains stock-starved despite the summer lull lessening overall activity,” said Tim Bannister, Rightmove’s director of property data.</p> <p>The company said the number of prospective buyers per property had more than doubled compared with pre-pandemic levels – chiming with a similar report from the Royal Institution of Chartered Surveyors.</p> <p>The August survey covered property first advertised on Rightmove between Aug. 8 and Sept. 11.</p> <p>($1 = 0.7253 pounds)</p> <p/> </div>