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Although the early period of lockdown imposed a definite slowdown in home moves, commentators believe that the lockdown experience may have a positive effect on house prices.
As many people experienced working from home for the first time, they re-evaluated what they wanted for a home. The opportunity to get a home with more space, possibly at a lower price and with great local amenities is proving attractive.
Add the good upcoming transport links for the occasional commute to work and working from home looks a lot more attractive, practical and affordable. The Chancellor’s stamp duty initiative added a further bonus. With no stamp duty to pay on the first £500,000 of the price for a home between now and March 31st next year, interest in properties around that price bracket accelerated in outer London boroughs. Bromley in South East London saw an astonishing 83 percent rise in enquiries following the announcement. Nearly half of the rise was for homes between £400,000 and £500,000, 26 percent for lower priced homes between £300,000 and £400,000 and 40 percent for properties between £500,000 and £750,000, which also benefited from a lower rate of stamp duty. Rightmove calculated that a buyer in London would save around £15,000 on average.
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