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Britain’s home’flip’ reaches a 12-year high despite the Covid crisis | business

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In England and Wales, the percentage of homes bought, renovated, and resold in a short period of time peaked in 12 years, with Burnley in Lancashire at number one on the list of most common real estate.

According to a survey by real estate broker Hamptons International, 1 out of 40 homes sold so far this year is the highest since 2008. At Burnley, it was 1 in 12 months.

Hamptons said about 23,000 homes this year increased from 20,857 last year, despite the coronavirus pandemic that has halted the housing market for weeks, and investors expect more profits.

The housing market has been booming in recent weeks. After the first blockade, repressed demand was relieved and Prime Minister Rishi Sunak introduced mortgage leave for up to 500,000 properties in July.

The average difference between the purchase price and the sale price of an upside down property rose to its highest level since the start of the 2007 record, now reaching 40,995 at the national level. This is over 10,000 above the average revenue recorded in 2019.

According to Hamptons International researchers, average returns have increased as investors gradually transition from apartments to homes. Since the housing market resumed in May, only 5% of the homes sold and sold have become apartments, falling significantly from 20% in 2019.

Aneisha Beveridge, head of research at Hamptons International, said Flippers play an important role in the housing market by improving home inventory and undertaking projects that other buyers often don’t cover.

After the 2007 financial crisis, the market weakened and the number of upside down homes decreased. But recently, that number has started to recover.

Flipping is most common in the northeast and northwest of England, and traders are looking to generate quick returns for areas where real estate is cheaper.

So far this year, 1 out of 12 homes sold in Burnley has been bought over the past 12 months, which is equivalent to 51. The average difference between the buy and sell price is 20,643.

About 80% of the overturned real estate in Burnley, where the majority were terraced homes, were bought for less than 40,000. three.

The second most popular flipping site after Burnley was Durham County, Rutland in eastern Midland, Middlesbrough in 4th place, and Stockton-on-Tee in 5th place. In 8th place, Merthyr Tydfil is the only regional authority in Wales to be included in the top 10.

It’s been two years since it’s been in the top 10 anywhere in southern England, but this will change soon, according to Beverly.

The current stamp duty holidays will see fins save money across the country, but the impact won’t be felt until early next year when these houses are likely to return to the market for sale. Given that investors in more expensive regions may see greater stamp duty savings, Burnley is likely to fall from the top spot in the near future, she said.

Sign up for the daily Business Today email or follow Guardian Business at @BusinessDesk on Twitter. Top 10 local authorities with the highest percentage of homes this year

1. Burnley: 8.2% of the property is flipped over within 12 months of purchase, increasing the average selling price by 20,643.

2. County Durham: 5.8% and 6,780

3.Rutland: 5.8% and 45,269

4. Middlesbrough: 5.5% and 6,100

5. Stockton-on-Tees: 5.4% and 8,775

6. Wolverhampton: 4.7%, 22,191

7. Hyndburn: 4.6% and 26,410

8.Merthyr Tydfil: 4.5% and 20,417

9. Darlington: 4.5% and 11,549

10. Walsall: 4.4% and 27,536

Source: Land Registry and Hamptons International

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