The UK housing market continues to soar to new heights amid the virus crisis
ONS reports that house prices grew by 7.6% y/y in November, reflecting the highest growth rate since June 2016. The data just reaffirms the housing boom in the UK amid the virus crisis as low rates and the stamp duty holiday has invigorated buyers' appetite.
The stamp duty holiday is due to expire on 31 March, which could prompt a drastic decline in house prices thereafter. However, there are reports recently suggesting that the government may look to extend it or scrap it in favour of another tax.
For some context, the stamp duty adds 3% to the price of dwellings under £500,000 and that rises to 15% on homes worth over £1,500,000.
