House prices soar in the suburbs as buyers look for spacious homes with larger gardens
During the pandemic, city slickers are flocking to the suburbs, pushing home prices beyond the usual busy hotspots.
According to data from lender Halifax, prices in the areas around Britain’s major cities have risen 10.8 percent since March last year.
The cost of a home in city centers has now risen by 8.9 percent.
Rising suburbs: Prices in the areas around Britain’s major cities have risen 10.8 percent since March last year
As the pandemic ravaged the UK and locked workers in their homes, buyers began looking for more spacious homes with larger gardens.
The government’s cut in stamp duties provided an additional incentive to buy larger family homes for those who could afford them.
Andrew Asaam, Mortgages Director at Halifax, said many of their clients have “prioritised space over location as a result of more time spent at home over the past year and a half.”
“As consumers look for value in the marketplace, it inevitably leads people to look beyond the major city centers,” he said.