The housing market has been performing impressively in the midst of a pandemic. It was expected that it would falter and negatively impact the UK economy. However, the pandemic actually motivated buyers to seek out a better pandemic lifestyle home. A home that offered room to work from home, study and learn, workout, and with a possible garden or nearby green spaces. Demand has been so impressive that the average UK house price has reached new high levels month after month.

The desire for a pandemic lifestyle home is not the only factor pushing demand in the housing market. Low interest rates are definitely bringing out first time home buyers, home movers, and landlords. Another savings benefit is being offered by the stamp duty holiday. 

The property tax savings was set in July 2020 to help boost confidence in the housing market. It did and a large boost was seen in the months leading up to the deadline in March. The deadline was extended due to the positive impact. 

The new deadline was extended to a reduction in the tax savings at the end of June and for the stamp duty to return to normal at the end of September. 

There is no expectation for the deadline in June to be extended. Therefore, the current demand seen in the housing market could be a rush to buy and save. However, since there will still be savings available, the June deadline is not expected to completely shut down the demand.

The strong personal desire for a home that offers the dream attributes built from experiencing lockdowns remains. Hopeful home buyers and home movers are still likely to shop and buy, especially since supply has remained low and many are awaiting their opportunity to discover their dream home.