How has the coronavirus pandemic affected house prices in the UK?

Since the ease of the first national lockdown, the UK property market has experienced a mini boom as in-person house viewings and home moves continue to go ahead. The UK property market is also expected to remain open and operating during England’s one-month lockdown from 5 November, but how has the coronavirus pandemic affected house prices in the UK?

The 2020 property market as a whole is on the rise, and the government’s stamp duty cut may have contributed significantly with buyers in some parts of the UK potentially saving up to £15,000 in tax if they move before April 2021. Despite the interruption caused by the first lockdown data from HM Revenue and Customs (HMRC) states that 98,010 property sales went through in September, showing an increase of  21% on August’s figures and a decrease of just 0.7% on last year.

The impact that coronavirus has had on UK house prices is beginning to become more evident, although figures may still fluctuate as circumstances change. According to the Land Registry’s UK House Price Index, the price of UK property has increased by 0.7% month on month and 2.5% looking at year on year in August. Property portal Rightmove has revealed their index based on asking-prices revealing an increase of 1.1% month on month and 5.5% year on year in their October report. 

Property market predictions are currently optimistic but this may not last of the market and house price growth slows down after the government’s coronavirus support schemes and stamp duty cut come to a close. 

House Prices in Bury 2020

A large market town in Greater Manchester, Bury is known for its world-famous open-air market and legendary black pudding. Popular with families and first-time buyers, Bury offers commuters a convenient location just outside of Manchester, and in 2020 was recognised as the first Greater Manchester Town of Culture. 

According to Zoopla Property Group, the average price paid for a home in Bury over the last three months is £166,859 showing a value change rise of 3.07% as sales went ahead. 

It seems COVID-19 has resulted in an increase of property prices, although year on year Bury remains to be a less expensive option for people moving to the Greater Manchester area. 

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