Housing market adds to the economy

Wondering how much the property market adds to the economy each year? Well for every residential property resale an average of £9,559 is added to the UK economy which means that an estimated £6 billion has been added to the UK economy so far this year.

So where does this nearly £10k come from? On average £5,400 is spent on renovations and new house goods, £3,100 on estate agency and legal fees whilst the rest comes from spending on removals and property surveys.

Not only does the property market contribute to the UK economy directly but it also helps to support jobs. For every 100,000 transactions a total of 11,557 jobs are directly or indirectly supported as there’s a lot more people involved than you might initially think.

Rightmove has estimated that at the moment there are 650,000 sales going through the buying and selling process which is 67% more than the same time in 2019. These sales, which are likely to have been encouraged by the stamp duty holiday, will be a huge boost to the UK economy going into the New Year.

If you’d like to find out more about the property market then take a look at our monthly market insights to see what’s happening in your area.

Sources: Dataloft & Home Builders Federation