The Covid-19 pandemic has had a significant impact on the housing market, with detached home prices increasing by £100k in the past year. This is a dramatic increase compared to the previous year, when detached home prices only increased by £25k.
The increase in detached home prices is due to a number of factors. Firstly, the pandemic has caused an increase in demand for detached homes as people look for more space to work from home and to socially distance. This has led to a shortage of detached homes on the market, driving up prices.
Secondly, the government’s stamp duty holiday has also had an effect on detached home prices. The stamp duty holiday, which was introduced in July 2020, means that buyers do not have to pay stamp duty on the first £500,000 of any property purchase. This has encouraged more people to buy detached homes, further driving up prices.
Finally, the low interest rates have also had an effect on detached home prices. Low interest rates mean that mortgages are cheaper, making it easier for people to buy a detached home. This has also contributed to the increase in prices.
Overall, the Covid-19 pandemic has had a dramatic effect on detached home prices, with prices increasing by £100k in the past year. This is due to a combination of factors, including an increase in demand for detached homes, the government’s stamp duty holiday and low interest rates. It remains to be seen whether these factors will continue to drive up detached home prices in the future.