The UK Property Boom
Moving house is often considered to be one of life’s most stressful and challenging situations. However, right now there are lots of people up and down the country looking to do just that! The UK housing market has boomed over the last year – one of the few industries that escaped the negative repercussions of lockdowns and restrictions – and currently, house prices are on average 7% higher than they were this time last year and still rising!
Something that did certainly give the housing market a boost was last summers announcement by the chancellor that there would be a stamp duty holiday. Stamp duty, or stamp duty land tax, is the tax that you pay upon the purchase of a property. However, before this was even announced it was possible in many circumstances to get an SDLT refund like this https://www.sentientsdlt.co.uk/
Even before this announcement, the property market was beginning to see signs of roaring back to life after a slump in March amid confusions around the lockdown that had just come into force in the UK.
One of the big things driving this sudden desire to move is probably based on lockdown – for many people living in the city meant that they were close to work as well as having an array of activities they could enjoy withing a short distance. But with all of this closed down, and work from home looking long term for many, people started to yearn for a life in the countryside.