Estate agents have been back to being fully functional for several weeks now, at the time of writing this post – the restrictions were lifted mid May 2020 with a massive impact due to viewings, completions and removals being placed on hold from March.
Zoopla estimated that 373,000 property sales were put on hold at an approximated value of £82 billion.
From reading numerous articles, it would appear that prices in London have been more negatively impacted than surrounding counties, mostly due to the increase in working from home, and the desire to move to properties with gardens and space rather than London commuter convenience.
The Stamp Duty Holiday implemented recently, until 31st March 2021, has help to boost incentives to move, with savings as follows:
House Prices of £300,000 could make potential savings of £5,000
House Prices of £450,000 could make potential savings of £12,500
House Prices of £500,000 could make potential savings of £15,000.
Let’s hope the above Stamp Duty savings will manage to prevent too big a slump in the property market.