What does the second lockdown mean for the housing market?
Back in the summer, the Government announced a stamp duty holiday on properties up to £500,000, running until March 31 next year.
This cut, alongside an increased demand for homes with more space post-lockdown, has driven housing market confidence to highs not seen for several years.
Nationwide Building Society reported that house prices increased by 5.8% annually in October, marking the fastest year-on-year growth rate since January 2015. Home-buyer mortgage approval numbers have also climbed to a 13-year high, according to recent Bank of England figures.
Peterborough estate agent Quentin Marks confirmed this growth, saying business was booming post lockdown.
They explained: "Anyone completing on a main residence costing up to £500,000 before March 31 2021 will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount. This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
"The move was aimed at helping buyers who have taken a financial hit because of the coronavirus crisis."
The housing market will remain open during lockdown two, with precautions and measures being taken to reduce the risk from Covid-19.
Quentin Marks is adhering to government guidelines by:
- Only conducting house viewings for a maximum of two people
- Requesting applicants bring disposable gloves to viewings and worn throughout. Gloves should be fitted before entering the property and removed and disposed of after the viewing
- Making every effort not to touch anything within the property
- Ensuring masks are worn by all parties viewing
- Maintaining social distancing (or two metres minimum) between viewers and whoever is conducting the viewer, be it the vendor or a member of the Quentin Marks team
- Where a property is completely vacant, Quentin Marks will open the door and allow you to view
- Permitting a maximum of 15 minutes for the viewing
- Ensuring that applicants confirm that neither party attending the viewing has had symptoms of Covid-19, and neither has any person within their household