Number of housing transactions in the UK 2016-2022, by country

Besides giving a sense of security, buying a home is a means of wealth preservation and investment. England is the most active residential real estate market in the United Kingdom (UK), accounting for almost 97,000 of the total 114,000 transactions in November 2022.

House sales in England

In May 2021 the housing market in England saw a record high with over 191,000 home sales, after dramatically falling to 32,450 in May 2020 during the peak of the coronavirus (COVID-19) crisis. While housing transactions fluctuated, house prices across the United Kingdom (UK) steadily increased.

Mortgage lending during the coronavirus (COVID-19)

Mortgage interest rates had been falling in recent years and in 2020, they reached some of the lowest levels. Nevertheless, due to inflation interest rates started rising in 2022. This is likely to impact mortgage lending due to rising unaffordability and the market cooling down.