The end of the stamp duty holiday, combined with the economic impact of COVID-19, could lead to a housing price drop in the UK of over ten percent in 2021, according to a domestic analysis in September 2020. The housing market of the United Kingdom was not as affected by the coronavirus in 2020, due to a cut in a tax UK residents pay when buying residential property over a certain price, the so-called stamp duty. This cut (or holiday) exists until March 31, 2021, and already lead to a buyers rush. The source mentions that the generosity of this cut would have a big impact on transactions in 2020 (and therefore the price). This would lessen in 2021, however, as the effects of the tax cut would wear off and unemployment would keep increasing.
Forecast of the percentage change on the previous year of residential property prices in the United Kingdom in 2020 and 2021
Characteristic
Year-on-year percentage change
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CEBR. (September 14, 2020). Forecast of the percentage change on the previous year of residential property prices in the United Kingdom in 2020 and 2021 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1173638/residential-real-estate-prices-forecast-change-in-france/
CEBR. "Forecast of the percentage change on the previous year of residential property prices in the United Kingdom in 2020 and 2021." Chart. September 14, 2020. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1173638/residential-real-estate-prices-forecast-change-in-france/
CEBR. (2020). Forecast of the percentage change on the previous year of residential property prices in the United Kingdom in 2020 and 2021. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1173638/residential-real-estate-prices-forecast-change-in-france/
CEBR. "Forecast of The Percentage Change on The Previous Year of Residential Property Prices in The United Kingdom in 2020 and 2021." Statista, Statista Inc., 14 Sep 2020, https://www.statista.com/statistics/1173638/residential-real-estate-prices-forecast-change-in-france/
CEBR, Forecast of the percentage change on the previous year of residential property prices in the United Kingdom in 2020 and 2021 Statista, https://www.statista.com/statistics/1173638/residential-real-estate-prices-forecast-change-in-france/ (last visited July 22, 2024)
Forecast of the percentage change on the previous year of residential property prices in the United Kingdom in 2020 and 2021 [Graph], CEBR, September 14, 2020. [Online]. Available: https://www.statista.com/statistics/1173638/residential-real-estate-prices-forecast-change-in-france/