During the pandemic, many prices in the housing market have been affected. The effects could be positive or negative, but what are the factors affecting it? There many possible factors that can affect the current housing prices in the market today.

Housing Prices Amidst the Pandemic: How The Coronavirus Affects It

When it comes to the factors affecting the housing prices in the market today, there are possible many factors that can affect it. According to Which?, the current UK housing market has enjoyed a new rise in its market. This was very noticeable after reopening the market after the lockdown period. However, there are many that are worried about the continuous rise of housing market prices. This is especially true when the government-provided assistance would be cut next April of 2021.

But to understand what's happening to the UK housing market right now, you need to take into consideration the following. As for that, take note that various markets located in Northern Ireland, Wales, Scotland, and England are currently open right now. This means that market agents are able to provide house viewings for possible buyers and those buyers are able to move to their recently purchased home. This is amidst the current lockdown restrictions placed by both the local and national government.

Thanks to that, the current UK housing market has enjoyed a positive rise in it. The main factor for this is due to the stamp duty being cut off, thanks to the government's decision on it. People who are receiving the benefits of that cut off can save up to £15,000 in tax. However, that will be only applicable for people moving in before next year, in April 2021 to be exact.

The Coronavirus Will Surely Change The Housing Market, Not Just in the United Kingdom, But Globally as Well

Not only the UK Housing market is hugely affected by the said pandemic, but other ones in other countries as well. According to BBC News, the housing market in most countries around the world would stabilize and increase, especially in the upcoming 2021. They believe as the lockdown restrictions are easing up, the economy along with the housing will manage to raise back up.

For example, the housing prices in the US Market are still increasing. This is due to the most problems being shouldered by both most property landlords and banks around the country. However, experts say that this could be a problem for them in the long run, especially that the employment rates in the whole country being a record high.

Another factor to take note of that most of the public is now preferring to work in their homes, rather than commuting to work. This is a great alternative to many, as that helps them avoid being exposed to the said pandemic. This caused an increase in the demand for housing properties in the market for both countries that have been mentioned earlier. Additionally, many are seeking new homes in suburban and rural areas, and away from major cities.