U.K. Home Prices Jump to Record as Sales Reach All-Time High

Residential Housing As U.K. House Prices Jump Most Since 2016 in Post-Lockdown Boom

Photographer: Jason Alden/Bloomberg

Asking prices for U.K. homes climbed to a record in October as agents saw the highest number of sales ever agreed in a month amid a tax-cut fueled boom.

Advertised prices climbed 5.5% from a year earlier, the most in over four years, property website Rightmove said Monday. Average values rose 1.1% from September to 323,530 pounds ($420,000).

Asking prices for U.K. homes are rising the fastest in four years

A reduction in a levy on home purchases designed to spur activity, as well as pent-up demand after Britain’s national lockdown earlier this year, have left agents with more sold properties than available ones for the first time ever, according to the report.

Sales are up 70% from the same month a year ago, Rightmove said. Prime Minister Boris Johnson has signaled even more support for the market, with a promise of more generous home loans for millions of first-time buyers.

Even so, concerns about the

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Toronto condo rent prices reach lowest point in nearly three years

Renting a condo in the City of Toronto is cheaper right now than it has been since early 2018, according to Urbanation, thanks in large part to skyrocketing vacancy rates brought about by the COVID-19 pandemic.

Newly-published data from the market analysis firm, which has been keeping tabs on GTA condo and rental apartment prices since 1981, show steep declines of more than nine per cent, year-over-year, in both categories.

The market rent price for a condo in Toronto, specifically, dropped by 9.4 per cent between the third quarters of 2019 and 2020, reaching an average of $2,249 per month across July, August and September.

This marks the lowest rent level seen in the city since the first quarter of 2018, more than two-and-a-half years ago.

“Within the former City of Toronto, the steepest year-over-year declines in average per square foot rents were found in the East Bloor/The Village submarket

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