Working from home drives a home price boom outside UK cities

Increased telecommuting during a pandemic boosted House price A Halifax Bank survey shows that in areas surrounding most of the UK’s big cities than in urban areas, as buyers want more space.

An analysis of mortgage transactions in the Halifax Home Price Index released Saturday shows that average home prices from March 2020 to June 2021 rose 10.8% in areas around metropolitan areas except London.bottom.

This is compared to the 8.9 percent growth in city home prices. During the pandemic, Halifax’s mortgage director Andrew Asarm said the UK housing market was “buyer demand for more space, a desire to move from the center to more suburbs, and now and in the future“.

“As a result of spending more time at home over the past year and a half, it’s clear from talking to mortgage customers that many people prioritize space over location,” he added.

For example, in Plymouth, on the southwest coast of England, home prices rose 5.8% during this period, while in the surrounding area they rose 16.1%.