2021
The UK housing market has been booming in 2021, with many people taking advantage of the stamp duty holiday and low-interest rates to purchase a property. According to Propertymark, the UK’s leading professional body for estate agents, there was a 34% increase in homebuyers registering at estate agents in February 2021 compared to the same month last year.
The stamp duty holiday, which was introduced in July 2020, has been a major factor in the surge of homebuyers. The holiday has seen the stamp duty threshold increased from £125,000 to £500,000, meaning that buyers can save up to £15,000 in tax when purchasing a property. This has made it much more affordable for people to buy a home, and many are taking advantage of the savings.
The low-interest rates have also been a factor in the surge of homebuyers. Interest rates have been at an all-time low since March 2020 and this has made it much easier for people to get a mortgage and purchase a property. With the cost of borrowing so low, many people are taking the opportunity to get on the property ladder.
The increase in homebuyers is good news for the UK economy as it will help to stimulate growth. The housing market is an important part of the economy and the increased demand for properties will help to create jobs and boost economic activity.
It is clear that the stamp duty holiday and low-interest rates have been major factors in the surge of homebuyers. However, it is important to remember that these measures are only temporary and will eventually come to an end. Therefore, it is important for buyers to take advantage of them while they can and make sure that they are making a sound financial decision when purchasing a property.