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The UK housing market has been affected by the pandemic, but in ways that were not anticipated at the outset. Initially, forecasters thought that the sharp reduction in economic activity could lead to a housing market crash. That didn’t happen. Parts of the market have instead been buoyant while others languish. Forecasting is tricky, but the result of the government’s temporary stamp duty cut raises some perennial issues about market efficiency and fairness. Looking at some basics first, the Bank of England’s interest rate cuts have led to some of the lowest mortgage interest rates on record. Mortgage lenders are more than happy to approve loans for those who own homes and have good incomes. And those in regular “good office jobs” and millions of owner-retirees have seen their savings grow considerably through spending less on discretionary items such as holidays and eating out.

United kingdomStamp duty land taxInformation packsCovid 19Stamp dutyஒன்றுபட்டது கிஂக்டம்முத்திரை கடமை நில வரிதகவல் ப்யாக்ஸ்முத்திரை கடமை