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How Might the Easing of Lockdown Restrictions Affect the Property Market?

Published: 24/02/2021

On 22 February the Prime Minister announced a four phase easing of lockdown restrictions provided certain conditions are met. These include infection rates being under control and the vaccination rollout continuing successfully.
The proposed timings are:
8 March – schools to re-open
12 April - non-essential retail and outdoor hospitality and UK self catering accommodation to re-open
17 May - international travel to resume
21 June - all limits on social contact to be removed.
Since the latest lockdown started in early January, sellers have been reluctant to put their properties on the market. This has led to an imbalance in supply and demand. The easing of restrictions should give sellers the confidence to list their properties and provide a boost to the market.
There is also a rumour, reported in The Times, that the Chancellor is planning to extend the stamp duty land tax holiday until 30 June. If true, this would help those already in the process of buying and possibly anyone who agrees to purchase a property within the next few weeks. An official announcement on the deadline is expected during the Spring Budget on 3 March.