You might think that with the current pandemic and the UK heading for a recession, that the housing market would be suffering. However, despite the uncertainty, the housing market is performing well. The demand for new homes is still strong. What could explain this?
Stamp Duty Holiday
The break on stamp duty lasts until the end of March 2021 and with a substantial saving of £15k, this is a key motivating factor for those looking to move home. The change means that those who missed out on moving during the lockdown can now be spurred on to make the move. For help with your move, contact Estate Agents Cheltenham at a site like Me and You Estate Agents
Concerns over second wave
As a result of the impact of the first lockdown, movers are looking to complete the process quickly so as to get it done before any further lockdowns are imposed. Those looking for properties with a home office or a larger garden will want to be in place before concerns over a second wave result in the tightening of restrictions for many areas.
Thanks to the post lockdown boom, house prices have recently been at an all time high. The average house price rose to over £300,000, an increase of 2.4% since March. This isn’t being reflecting in London, as many people perhaps reconsider their lifestyles and choose to move out of the capital.
So, estate agents are as busy as they have ever been and thanks to the buoyant property market, this part of the UK’s economy is going from strength to strength.