I’ve contributed to an article for the Daily Express that has just gone out recently about the UK housing market. It seeks to answer a critical question: Is NOW a good time to move house?
Studies reveal that the number of homes being put up for sale in the UK increased by 38%; this has been largely driven after the first lockdown was lifted. Majority of home hunters who planned a move before the lockdown still intend to move for the foreseeable future. COVID has impacted household decisions; in fact, according to a survey; more than one in four people are planning a major life change after the country has recovered from the outbreak. The top change in priority was to have a garden or outside space. If households increase the prioritisation of more space, a garden, and less commuting, then housing demand will increase where this supply of this type of housing is more readily available, which is outside inner-city locations.
The stamp duty changes have delivered an immediate boost to the housing market as well. Consequently, the Government should consider an extension of the Stamp Duty Holiday or a reform of the Stamp Duty system, to take the pressure off buyers during the pandemic.