The property market is on a rollercoaster: while agents have reported a surge of demand and deals since restrictions were lifted in England, analysts have forecast deep price falls this year.
The Covid-19 pandemic has affected lives in many ways, and talk of property markets may seem inconsequential in comparison to some of these.
A release of demand for property in England, suppressed by the lockdown, pushed the number of sales agreed in early June above pre-coronavirus levels.
International investors make up a big chunk of Britain’s second home market, especially in London. Many of these investors hail from the Far East, but how is this Asian demand for property holding up during the coronavirus crisis?
International investors make up a big chunk of Britain’s second home market, especially in London. Many of these investors hail from the Far East, but how is this Asian demand for property holding up during the coronavirus crisis?
Analysts disagree on how much UK house prices will fall due to the coronavirus outbreak and subsequent market freeze, but the consensus is that they will take a hit.
The property market is in limbo: sales are on hold, landlords are struggling, and mortgage searches last month were down 44pc on the previous four-week period, according to the online provider Twenty7Tec.
The spread of the coronavirus (COVID-19) throughout the country has resulted in an almost complete standstill of the housing market as buying and selling property has effectively been put on ice.
Stamp duty has become the UK government’s “fiscal weapon of choice” in the housing market but calls for a full-scale overhaul of the property tax are growing as new surcharges and reliefs spark criticism of an increasingly unwieldy regime.
Coronavirus – also known as Covid-19 – has had a dramatic impact on the world since the first reported cases in China at the backend of last year.
Typically, after the Christmas break, the housing market in London is “an absolute desert,” says Simon Barry of Harrods Estates. This year is a different story, he says.
Less than 24 hours after the Conservative party victory in December’s general election, interest in south London’s prime property market was already picking up.
