Activity was brought up considerably with a stamp duty holiday that included a series of measures that would maximize mortgage approvals.
The lock-down led to a series of closures for estate agents across the country which prevented many buyers from viewing homes or getting started with the process of their mortgage approval.
Gradually lifting these restrictions on the economy had a considerable impact on consumer credit in the form of credit card spending, overdrafts and unsecured loans.
The scrapping of stamp duty on properties under £500,000 up until March of 2021 could continue to create a demand in the market. Since more of these agents are now open and there’s a chance to finally access these forms of credit, there’s going to be a greater demand for real estate.
The Bank of England has suggested that in July they were seeing figures that were closer to pre-Covid levels after borrowing hit its peak back in March. The strength of these new stamp duty changes is bringing the market back to a state of recovery and its potentially going to lead to an ongoing and sustained period of competitive sales activity in the housing market.
It means that if you’re going to be buying a home in the UK, you can likely expect much more competition with relation to sales activity. Cutting the stamp duty is also working to make home sales occur much faster.
The demand for UK mortgages appears to be on the rise and it seems as though the overall perspective on recovery depends on how many people continue to see changes in their employment.
As long as businesses continue to open up and people can go back to work, stamp duty rates will continue to be an impacting factor towards the nature of improving the UK property market.
With the reduced stamp duty rates available until the end of next March it’s likely that we will see many more people bottlenecking to get into the property market at that time. Unless the government offer some type of extension, many people will be trying to enter into the market from now until March of next year.
If you’ve been seeking a home in the UK and you’d like to take advantage of some of the most competitive rates that are available in the housing market, now is the time to get a down payment together and to start the process to buy a new home.
If you’re selling your home, it is important to consider this could be a time that you could see rapid sales in the market.
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