Home sales in the UK rebounded to pre-pandemic levels in March after a September slump when former prime minister Liz Truss’ failed economic plan led to market turmoil, according to a survey.
Real estate website Rightmove reported that the number of sales agreed between sellers and buyers was only 1% lower last month than in March 2019. Because borrowing costs fell from the post-September ‘mini-budget’ bounce.
“Given the economic headwinds over the past six months, the market remains surprisingly robust,” said Tim Bannister, Rightmove’s real estate specialist.
The number of sales improved in January from 21% below 2019 levels, but fell 18% compared to March 2022.
Alongside the UK’s high inflation rate, the country’s housing market is facing the challenge of the Bank of England’s interest rate hikes going back to December 2021.