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.

Share:


Recent Articles

25 January 2021

26% Of Renters Move Less Than 1 Mile

26% of tenants moved within a mile of their previous rental property in 2020, and over two thirds (69%) stayed within ten miles. As renting is more flexible than ownership, some households use it as an opportunity to get to know a new area. In fact, 27% of tenants moved more than 10 miles in...

25 January 2021

75% Say Floor Plans Are Very Important

Three quarters (75%) of buyers said a floor plan was very important information when searching for a property, according to the 2020 Property Academy Home Moving Trends Survey analysed by Dataloft. Quality of photographs (55%), description (52%) and number of photographs (50%) were also very...

18 January 2021

Lockdown Savings

The pandemic reduced spending for many households and government policies have helped support incomes. This has led to 28% of households saving more during the pandemic. 42% of high-income employed households saved more during the pandemic compared with 22% of low-income employed households....

semi circle instant online valuation

Get an instant online valuation

Find out how much your property is worth