The Uk housing market surged in August, with prices reaching a four-year high as buyers sought garden properties, amid expectations that the recovery would lose momentum. According to Reuters
According to an economic survey published yesterday, the Royal Institute of Chartered Surveyors' monthly house price index rose to +44 in August from +13 in July, reaching its highest level since February 2016.
A Reuters poll of economists predicted a reading of +25, and prices across the country, with the exception of London, have increased somewhat over the past two months.
The survey is in line with other indications that a limited surge in the housing market is under way, one of the few parts of the economy that has recovered from the pandemic, as it is supported in part by an emergency reduction in tax on buyers.
The Royal Institute said demand accelerated strongly, supported by a shift towards garden properties after public isolation measures aimed at combating Covid-19, but there were some pessimistic indicators.
The survey of sales deteriorated further in August, as it was negatively affected by concerns about the economy.
Last week, Bank of England Governor Andrew Bailey said it was too early to say whether the housing market recovery was more than just a liberal demand-driven demand following public isolation measures, backed by a temporary cut in property taxes.
The British economy has recently been hit by repeated crises due to the closure caused by the novel coronavirus, with Britain's public debt at the end of July exceeding the £2,000 billion threshold, in a historic precedent that reflects the impact of the Covid-19 epidemic on the economy and prompts the government to warn of "difficult decisions" to be made.
UK is rapidly deteriorating its public finances as a result of the cost of economic support measures taken in recent months to cope with the consequences of the health crisis.
At the end of August, public debt reached £2004 billion last month, up from £227.6 billion over the same month last year, according to figures released by the Office for National Statistics yesterday.
British Prime Minister Boris Johnson confirmed yesterday that he wants to avoid a new closure in the UK at all costs after limiting rallies in an attempt to contain the novel coronavirus as infections increase, announcing a massive program of Covid-19testing.
The gatherings, which have more than six people starting Monday in England instead of 30 so far, will be banned and restaurants will have to record their customers' data to be able to track down those who have been infected.
"The primary goal is to avoid a second closure at the national level by significantly reducing social isolation and improving the application of (these measures) that we can keep schools and businesses open," Johnson insisted at a press conference.
Following the gradual lifting of closure measures at the end of March, the government in recent weeks has encouraged Britons to return to offices, schools and pubs to revive the UK economy, which in the spring suffered an unprecedented collapse in Europe.
He now wants to prevent the recurrence of this dark scenario, with positive cases exceeding 2,000 a day for several days.
After being forced to slow down the process of slightly easing isolation measures during the summer and resorting to local restrictions, he decided to impose measures on a larger scale in the face of the high number of injuries, particularly among young people.
Boris Johnson said: "I wish I didn't have to take these steps but as your Prime Minister, I have to do what is necessary to stop the spread of the virus and save lives."
With nearly 41,600 deaths, the UK is the country most affected by the epidemic in Europe, with Boris Johnson being criticized for slowing down the perception of the epidemic and in imposing isolation measures.
Since then, he has been accused of managing the crisis in an unsystematic manner, repeatedly withdrawing from imposing masks, and for evaluating school exams or creating a contact tracing app for the infections.
