It is clear to see that over the past year there has been a huge boom in the UK when it comes to property prices. Across the country, the prices of properties have increased by around 7.1% on average, and it could still seem that they are rising. So, what are the reasons for this huge rise in the people buying property?
Money Saved During Lockdown – For many people, lockdown meant that they were still earning, but not spending. With most things shut apart from essential services, it meant that trips to the cinema, holidays and nights out were not happening – meaning a lot of people saved a lot of money! This has meant that they have the opportunity to afford a first home, or to move somewhere bigger.
The Stamp Duty Holiday – Although it has been possible to get a SDLT refund like this https://www.sentientsdlt.co.uk/ back last year it was announced that there would be a stamp duty holiday. So, for those considering a move in the future, it meant that many of them decided to make the most of this opportunity and make the move now.
Wanting to be Closer to Family – Because of the restrictions, for many people life was tough and lonely. Elderly people in particular have struggled to be away from family and having family closer to them has been something that many people have decided to move house for.
