Has Covid-19 affected our housing market?

Despite everything, UK house prices are still rising. Some are even calling it a ‘mini house-buying boom’. During lockdown, a lot of people found themselves stuck in lockdown in high rise flats with little to no fresh air for their hourly exercise. Most of those people typically city workers are now looking at moving to change the way they have been living, from the big cities to the outskirts. With most of us still working from home and the future prospect of our working and home lives changing forever, so many people are wanting change. Has covid-19 changed the way we live forever? I believe so.

The price of property is on the up, with more and more buyers competing for larger more spacious homes. Second-stepper sector of three- or four-bedroom homes hits new record of £291,618, as more buyers seek larger homes. House prices hit a new all-time high in July as the property market gradually reopened, after being put on pause during the coronavirus lockdown. Very positive for the property and building industry given where we were at the start of the year with the fear of Brexit on the horizon and what that might do to our housing prices.

According to the latest Halifax House Price Index the average price of a home was £241,604 in July, 1.7% higher than June's £237,834. Prices are 3.8% higher than July 2019. Halifax managing director Russell Galley said pent-up demand and a lack of available houses had combined to push up prices as per a BBC news article in early August. The government's cut in stamp duty has also boosted buyers to carry on with their lives and buy homes.

A clip from a news article from Right Move says: Bannister explains: “We’re hearing of challenges at all steps of the buying and selling process, including lenders having to deal with a higher number of mortgage applications and solicitors over their capacity, and we estimate there are nearly 40% more sales currently going through than at this time last year. The temporary stamp duty holiday means that there’s more urgency than usual for the congestion to be cleared by the end of March, making it vital for buyers and sellers to work closely with their estate agent and to make sure that they’re moving fast when the ball is in their court to complete a document or answer questions. We’d advise that buyers and sellers factor in at least an extra month to account for the current delays in the process, if possible, as time is already running short for sales that are agreed now to be completed by Christmas.”

Now more than ever the UK is looking upon the housing industry to keep rolling and making movements. Currently it is one of very few industries that can keep on going through the world pandemic of Covid-19.

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