Collaborative Post
The property market has seen an unexpected increase in growth since lockdown restrictions were lifted in May, as estate agents were allowed to return to work and could start to sell properties once again. The explanation for the sudden growth could be attributed to certain factors including Brexit and the global pandemic caused by the COVID-19 outbreak.With the uncertainty surrounding Brexit, many people chose to wait until the outcome of the December general election had been announced. This meant that those who were waiting to buy and sell properties after this had to postpone plans even further when the country went into lockdown in March.
Lockdown may have motivated more people to continue with their plans to move once restrictions started to ease up. People were no longer confined to their homes, which enabled them to start the process of moving into a new property. Estate agents reported being overwhelmed with people looking to put their homes on the market and with new potential buyers searching for properties.
Another factor that could have contributed to the growth was the Stamp Duty being reduced to 0% for first homes up to the value of £500,000. This was introduced by the Chancellor of the Exchequer, Rishi Sunak, as a way to get the property market up and running again which proved to be a success.
If you are interested in seeing the stats on how the property market shot up post-lockdown, take a look at the infographic from Mansell McTaggart below.
Infographic By MansellMcTaggart
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