Laura Hamilton discusses rise in house prices
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House prices have continued to rise in the UK and hit new highs during the coronavirus pandemic. Property expert and A Place In The Sun presenter Laura Hamilton shared her views on the property market right now.
The coronavirus lockdown helped many people realise if their property wasn’t right for them.
Because of this, many people have decided to move and house prices have risen.
On Sky News, experts reported house prices have soared by an average of £15,000 since the start of the pandemic.
Laura stated this could have been made possible as the industry continued to operate even during lockdown.
“The property market is one of the things the Government really has gone above and beyond to support,” the expert told Sky News today.
As well as the Government offering support to buyers, people have been able to attend more viewings as restrictions ease.
“When so many things have closed down, the housing market is one of few things that has remained open,” the expert continued.
“Estate agents have been able to have virtual house viewings, you can now go and look at property as long as you are following Covid safety protocol.”
The property presenter explained she has noticed properties selling quickly and the market appears to be having a “mini boom”.
She said: “It’s incredible because I am someone who is constantly looking at property on RightMove and the demand is quite clearly outstripping supply.
“At least two out of three properties you see online have sold. We are experiencing this mini boom.”
But will this property boom continue?
Laura stated she expects it to continue to grow as stamp duty discounts remain in place.
“At least for the next six months, the Government has extended the stamp duty holiday,” she added.
“In July it will peter off. At the moment, the stamp duty holiday means you don’t have to pay any stamp duty up to the value of £500,000.
“But between July and September the threshold will be reduced to £250,000 and in October it will go back down to £120,000.”
While interest in buying could slow down when the payment holiday is reduced, the property expert said the market will still continue to grow this year.
She concluded: “I think there’s going to be a massive surge for the next six months.
“After that, the predictions are the housing market will still be buoyant and they are predicting a four percent growth in 2021.
“But maybe after the stamp duty threshold is reduced at the beginning of October, I think things will start to slow down. But I think there will still be interest there.”
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