Before moving in or settling into a new place one of the key factors that are always considered beforehand is accommodation rates or the property markets. Accommodation turns out to be one of the most important aspects of moving to someplace new. It doesn’t matter if you’re renting buying or investing in properties, you must know about the condition of the market first before investing your money into it.
It also proves beneficial for one to know what is happening in the property markets so that they can grab chances of possible investments which can earn them great profits later on.
What is going on in the UK property markets?
The UK property market has been on an uprise as of October 2021. Due to the pandemic, the world economy has been deeply affected in all fields, that contribute to it. Amongst which property sales are a field that has suffered a major setback.
Therefore, to put the property market back on track since property sales have blatantly contributed a larger amount in the pre-pandemic times, the government has set a new stamp duty holiday for property buyers with the sole motive of receiving better and more property sales in the coming months.
They have included new tax percentages that let the buyers save a massive amount of discounts which usually aren’t seen in the other property markets. Due to these larger discounts, it has created a spark amongst the people and has led them to invest their money into it while they can so they can earn more profits when this rule is ineffective.
Due to this, the property transactions peaked in September 2021, which was 67% more than august’s transaction estimate. It was also 70% higher when compared with September 2020’s property transactions. The house prices in the UK were up by 10.6% in August and the strongest price growth was observed to be in Scotland by 16.9%
This strategy proposed by the government has led the UK property market on a boost upwards and has also led buyers and investors to contribute more in the sales post-pandemic.