The Housing Market Boom in the UK

June 17, 2021 1:18 pm

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Throughout the last year, many businesses and industries have suffered. Pubs have had to close down and when open they have to rely on limited numbers inside, table service only and restrictions both in and outside, and the entertainment and arts sector has felt the huge impact of theatres and festivals being cancelled.

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But one industry that has absolutely boomed over the last year is the housing industry. Over the last few months, house prices have risen, and houses are being snapped up within hours of going on the market in some places.

 

The prices of houses have also risen, and houses are now selling for more than 7% more than they were this time last year – and it is showing no signs of stopping. So, what is driving this enthusiasm for buying property in the UK?

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The stamp duty holiday that was announced last summer certainly had an effect, as people raced to buy property whilst this was in force – however, it is possible in many cases to be able to get a stamp duty refund, so this on its own would not necessarily have this effect.

For many people, the pandemic has given them time to look at their lives and consider what they want, as well as the fact that people in rural areas have had generally more places to enjoy during the pandemic, which has meant that particularly in rural areas, property is in high demand.