Lucian Cook, head of residential research at Savills, said: “With the Bank of England expected to cut interest rates further over the coming months, we anticipate an increase in transactional activity, particularly among second-steppers (former first-time buyers taking their next step on the property ladder) who have held off moving until rates fall.”.
Those who have overlooked costs are spending an extra £3,876 beyond their budget to fix issues such as boiler breakdowns or a leaking roof soon after getting the keys to their new home, according to the research commissioned by online estate agent Purplebricks.
The North West of England, Scotland, and Yorkshire and the Humber have each added more than £37 billion to the value of their housing stock since 2022, exceeding the £31 billion growth seen in London, Savills said.
These two locations alone still account for more than 40% of the total UK housing value, even though they are home to just 26% of housing stock.”.
Dan Hill, research analyst at Savills, said: “A shift in the distribution of growth over the past two years is largely reflective of where we are in the UK housing market cycle.
