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Coronavirus Affecting House Prices

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Sell My House Quickly found another interesting article about properties in Stirling. How is Coronavirus Affecting House Prices in the UK?

The Covid-19 pandemic has certainly brought a number of evident and less evident changes across the world. 2020 will forever be remembered as the year of lockdowns, social distancing, dramatic shifts towards consumers being more active online than ever before, and more. Globally, markets are seeing significant rises in online shopping, online education, and VR technology is becoming more and more attractive.

Surprisingly or not, the UK property market is maintaining its stability despite the Coronavirus outbreak and the new lockdowns. Let’s take a look at the numbers.

The Market in UK

The market is noticing unusual growth levels of demand and the annual house price inflation grew to 7.5% in October. One explanation behind the jump in house prices is the Stamp Duty reduction.

Coronavirus Affecting House PricesIn order to support the housing market during these uncertain times and stimulate potential buyers to invest in real estate, the UK government has cut off stamp duty on house purchases exceeding £500,000. The stamp duty cut will be active until the 31st of March 2021. Before the cut, stamp duty was obligatory for properties over £125,000 or £300,000 if you were a first-time buyer. Homebuyers of properties that cost £500,000 will be able to save £15,000, which is not a small number for most.

A global pandemic as the one we’re currently struggling will never bring certainty. There are so many external factors that have an influence on the UK house market that it’s almost impossible to surely predict anything. The fact is that currently, house prices are growing, demand is strong, and the UK government is doing everything possible to continue supporting homebuyers. Hopefully, this trend will continue onwards as the lockdown deepens and stamp duty is back on track.

We found this article about Coronavirus Affecting House Prices on Belvoir. Kindly click the link to read the full story.

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