Britain’s housing boom… will fizzle out

Rising property prices fuelled by stamp duty freeze will fade away next year with average home losing £7,350, Google search data shows.

  • Google search data shows clicks on the main property sites peaked in August but dropped by 7% this month
  • Experts warn housing prices could fall by up to 3.7% as a result, wiping up to £7,350 off the average home 
  • The housing market boomed after Chancellor announced a stamp duty cut and pent-up lockdown demand 

Housing prices are expected to fall next year after the post-lockdown market boom fizzles out, experts have warned. 

The initial housing boom was partly fuelled by pent-up buyer demand as the nation emerged from lockdown, various housing market reports have suggested. 

Stamp duty tax cuts announced by Chancellor Rishi Sunak also led to increased demand. 

But online searches for the UK’s main property websites have dropped after their initial surge, with forecasters warning this signals the end of the market upturn. 

By Antonia Paget, please read the full article on Daily Mail.