Coronavirus increases demand for expensive real estate

Traditionally, sales of more expensive homes have always been slower than sales of other properties. However, this year, according to the UK’s largest real estate website Rightmove, homes worth £ 1 million or more are selling at the fastest pace since 2014 and are the leaders in the real estate market.

The number of sales of such houses has more than doubled, and in general, the number of agreed transactions in the real estate market has grown by 61% compared to the same period last year.

The coronavirus has made a difference in the UK property market, turning Norfolk, Wiltshire and Cornwall into hotspots.

More and more people work from home and are no longer tied to the hustle and bustle of central cities. The desire of many people to move closer to the sea or to a picturesque countryside has dramatically increased the demand for homes that cost over 1 million pounds.

August sales more than tripled in Norfolk, which is 244% more from the same month in 2019. Expensive homes in the West Midlands, Devon, Suffolk and North Yorkshire regions are also popular.

There is a growing demand for high-value real estate in the capital and outside the capital – in Cambridge, Berkhamsted, Harpenden and Epsom.

Experts have already called this situation in the real estate market as “the market of lifestyle change”, since those buyers who can afford it seek to move to larger and more expensive homes closer to nature.