UK Housing Market Sees Busiest Month
A post-lockdown “mini housing boom” has seen the UK housing market have its busiest month in more than ten years in July.
According to property website Rightmove, the number of monthly sales agreed in Britain had been the highest since it started tracking the figure a decade ago.
The UK housing market saw £37bn worth of property sales in July – a 38% increase on the same period last year.
Rightmove also reported the highest number of properties coming to market within the period of a month since March 2008.
The government announced a freeze on the housing market on March 27, urging people to delay their home moves if possible and not to allow new viewings until the coronavirus restrictions were over.
July is historically amongst the quieter months for activity in the housing market, as more buyers and sellers focus on summer holidays, however the coronavirus lockdown halted the market during the busy spring months.
The housing market got the green light to reopen in mid-May after seven weeks of lockdown, sparking a flurry of activity.
The government then announced a temporary holiday on stamp duty in a bid to accelerate the housing market.
The change means that house-hunters will not have to pay stamp duty on property’s costing up to £500,000 in England until March 31 next year.
These figures suggest the stamp duty holiday is having the desired effect by stimulating housing market activity.
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