Big-Budget Buyers in the U.K. Leading Real Estate Rebound – Mansion Global

Big-Budget Buyers in the U.K. Leading Real Estate Rebound – Mansion Global

The coronavirus pandemic has led to a surge in big-budget buyers in the U.K, and as their numbers grow, so does their urgency to move, according to the latest prime housing market report Wednesday from Savills.

The number of sales nationwide priced at more than £1 million (US$1.3 million) skyrocketed 116% during the first two weeks of August compared to the same period last year, the estate agency said.

There are close to twice as many buyers in the market for new homes now than there were last summer, and three times as many looking for country houses, resulting in the strongest market since 2007, said Savills, which based its findings on a survey conducted in mid-August of 1,400 registered buyers and sellers.

Driving demand is the new set of home requirements that have emerged on buyers’ wishlists following weeks spent at home, including home offices and gardens, according to the survey.

“Many predicted that the immediate shift in priorities seen in April was just a response to lockdown, and would be short-lived, but this latest survey highlights greater commitment from people to make real changes,” Frances Clacy, an analyst at Savills, said in the report.

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