UK News

In recent times, the UK property market has witnessed a remarkable surge in buyer demand, driving average house prices to their highest levels since 2007. Let’s delve into the dynamics shaping this unprecedented phenomenon. Rapid Surge in Buyer Demand: Buyer demand across Great Britain has surged by an impressive 52% in April 2021 compared to April 2019, mirroring a similar trend in London with a notable increase of 48%. This surge in demand is indicative of a strong rebound in the property market, signifying renewed confidence among buyers despite uncertainties brought about by the pandemic. Impressive Growth in House Prices:

The extension of the temporary tax break has reinvigorated the UK housing market. The Royal Institution of Chartered Surveyors (RICS) recorded a jump in UK homebuyers–the highest since September. Although the latest House Price Index reflected a dip in March, property analysts attribute the slowdown to the original 31 March deadline of the stamp duty holiday. Fortunately, Chancellor of the Exchequer Rishi Sunak has since extended the tax break until 30 June and activity indicators have since reflected a rebound. Lockdown-weary Brits are taking this opportunity to find bigger, greener spaces for a better quality of life. As a result, demand is exceeding supply

Annual price growth slowed to 5.7% in March compared to 6.9% in February in what analysts partly attribute to the original due date of the stamp duty holiday which since been extended Earlier this year, there were reports that the UK housing market had lost its momentum. In March, it was confirmed by official figures that showed, for the first time in nine months, the housing prices had fallen in January. As indicated by the latest House Price Index by Nationwide, in the UK, the annual house price growth was 6.9% in February and had slowed down to 5.7% in

Real estate experts foresee a resurgence in Prime Central London (PCL) properties this year, driven by a surge in residential property demand ahead of impending changes to the Stamp Duty Land Tax (SDLT). The current stamp duty holiday, offering tax savings of up to £15,000, concludes on March 31, coinciding with the introduction of a 2 per cent SDLT foreign buyer surcharge on April 1. During this brief window, both domestic and foreign investors have an opportunity to capitalize on the favourable tax environment, leading to expectations of sustained momentum in the real estate market until the new tax incentives

The desire for greener spaces has ignited a significant uptick in home purchases within leafy neighborhoods. Highgate stands out as the top choice, experiencing a remarkable 97% surge in popularity compared to the previous year, as reported by Rightmove. Additionally, both East Sheen and Belvedere have secured positions among the top five preferences for first-time buyers, families, and buy-to-let investors alike. Apart from these coveted locales, Ealing in London Zone 3 and Preston in Lancashire have garnered notable attention from prospective homebuyers. Residing in London Zone 3 offers close proximity to the city’s major attractions while providing a greener environment

Analysts predict prevailing patterns in work and shopping to continue, though rumblings of the “death of the office” likely overstated Results of the recent quarterly commercial property survey by the Royal Institution of Chartered Surveyors (RICS) show a shift in demand towards industrial space and away from traditional office spaces and retail. This trend is buoyed by a boom in online shopping accelerated by the pandemic. Although the British government is ramping up the COVID-19 vaccination programme, restrictions are expected to stay put for the coming months. This means the prevailing patterns in work and shopping will likely remain for