Britain’s housing market is seeing sudden revival and unusually high levels of activity over the summer, boosted by pent-up demand after emerging from lockdowns as well as a stamp duty holiday on some homes. According to a recent analysis by Rightmove, the number of sales taking place within seven days of a home being put on the market has climbed 125% higher YoY between July and August.

The surge beat the previous high seen in February 2016, registering a 28% increase since then. The figures were also the highest ever recorded by Rightmove.

Miles Shipside from Rightmove observes, “Sellers do need to move more quickly than before because although we’re in uncharted territory with record activity it’s still likely that demand will start to soften as it always does towards the end of the year.”

Meanwhile, research by Halifax reveals that first time home buyers have to shell out 69% more money than they would have had to 10 years ago, in order to purchase a home. During H1 2020, the number of first time buyers fell to the lowest levels seen in seven years as a result of the lockdown as well as the high prices.