Housing market adds to the economy
In this short article, we take a look at how the housing market adds to the UK economy
- For every residential property resale, an average of £9,559 is added to the UK economy. That is an estimated £6bn added to the UK economy so far this year.
- On average £5,400 is spent on renovations and new household goods, £3,100 on estate agency and legal fees and the rest comes from spending on removals and property surveys.
- The housing market also helps support jobs, per 100,000 transactions a total of 11,557 jobs are directly or indirectly supported.
- Rightmove estimate that there are 650,000 sales going through the buying and selling process, 67% more than at the same time in 2019. This will be a huge boost to the UK economy. Source: Dataloft, Knight Frank, Home Builders Federation
