‘Race for space’ after Covid lockdown limitations helps housing market rocket
Covid-19 sparked a “race for space” among householders fleeing cities and searching out bigger homes. A tentative recovery in the market after lockdown ended morphed into a raging boom after the chancellor cut stamp duty in England and Northern Ireland until 31 March 2021. Wales and Scotland followed suit, although the cuts were not as generous. In England and Northern Ireland, buyers have been able to save £10,000 on a £400,000 property and £15,000 on one costing £500,000.
The average price of a UK home started the year at £239,927, according to the mortgage lender Halifax, dropped back towards £237,00 after lockdown one, then rocketed to £253,243. Between the end of June and the end of November, prices experienced the fastest five-month gain since 2004.
