Housing Market Adds To The Economy

Posted on: 30 November 2020

Housing market adds to the Economy

For every residential property resale, an average of £9,559 is added to the UK economy. That is an estimated £6bn added to the UK economy so far this year. On average £5,400 is spent on renovations and new household goods, £3,100 on estate agency and legal fees and the rest comes from spending on removals and property surveys. The housing market also helps support jobs, per 100,000 transactions a total of 11,557 jobs are directly or indirectly supported. Rightmove estimate that there are 650,000 sales going through the buying and selling process, 67% more than at the same time in 2019.


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