The rise in house prices across Britain accelerated in November, according to new figures. Bricks and mortar are proving to be a strong investment, despite COVID-19 emergency support for housing and the wider economy coming to an end last month.
Statistics showed that UK house prices increased by 0.9 per cent in comparison to October, when they rose by 0.7 per cent. Despite economists predicting a 9.3 per cent increase, house prices are now 10 per cent higher than they were recorded in November last year, and 15 per cent above their pre-pandemic level.
UK savers with properties in need of portfolio management in Shropshire, Cheshire and other counties often look to wealth managers for advice. Property assets can generate income via rents and add to the resources clients can draw upon during retirement.
Since the initial COVID-19 lockdown was lifted in 2020, the demand for property has been robust in Britain, along with many other nations across the world, driven by surge in demand for larger properties as an increased number of people worked from home.
The UK market was further stoked by a government tax incentive from Chancellor Rishi Sunak, which expired fully at the close of September, along with the employment support programme.
Another factor driving up the asking prices for homes is the shortage of properties available for sale. This is creating a seller’s market here in the UK for those with an investment in property, something other nations have been quick to notice. Wealthy foreign investors continue to purchase homes here in the UK as investments, while maintaining addresses abroad.