With house prices continuing to strengthen, many buyers are engaged in a race for space.
The extension of the Stamp Duty holiday, and subsequent taper, are helping fuel the market. In June, Andy Haldane the Bank of England’s Chief Economist at the time, spoke at a conference, declaring the UK housing market “on fire” adding “There’s a significant imbalance between incipient demand and available supply of houses, and because the laws of economic gravity have not been suspended, the result is pretty punchy rises in house prices.”
He also cited increased demand from richer households with savings accumulated during lockdown, as a factor adding heat to the market. He believes the market is likely to continue running hot with all these factors at play, combined with ultra-low interest rates.
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