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).
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