UK Pandemic Home Buyers Compete With Councils For Housing Deals

birds-eye view of houses rising on a ridge with trees behind
Hotwells photo by Steve Gregory is licensed under CC BY-SA 2.5
Homes in Bristol, UK, where the local council is on the hunt for housing bargains.

It is difficult to avoid shaking the head in disbelief. Some reports peg housing demand and housing prices as either stable or rising in the face of COVID-19.1 At least one U.K. council however, is demonstrating there is more to supposedly always-increasing housing prices than meets the eye.

It seems that in parts of the U.K. at least, developers with newly completed housing projects are less than bullish about “profit as usual” in the midst of the pandemic. Bargains on housing purchase are increasingly available and local governments have their wallets out and are looking to cash in. That’s good news for low and no income renters in a national affordable housing crisis inflamed by the pandemic.

Read more in The Guardian: As a rent crisis looms, councils have a plan – the government should take note

Footnotes

  1. Here’s a U.S. example from the ever-optimistic housing market press: U.S. house prices continue to rise, albeit at a slower pace