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Essex House Prices post Covid

If you are looking to Sell Your House Quickly then read on to see how Essex House Prices post Covid have been affected. Estate agents have shared everything you need to know if you’re planning on buying or selling soon.

The after-effects of the coronavirus are still being seen and with the ever-changing environment.

The UK housing market was thrown into the unknown by coronavirus.

It was unclear how significantly the pandemic would affect house prices and property demand, but there now seems to be a clearer picture emerging.

Chancellor Rishi Sunak announced earlier this month (July 8) that stamp duty would be temporarily scrapped on all properties under £500,000, and certain property groups experienced a sudden surge in interest from homebuyers as a result.

It means there are now cheaper deals to be found and it seems like the perfect time for those looking to find their next home.

But, there are warnings that the months ahead may not be so rosy.

We spoke to estate agents and property groups from across Essex to find out what buyers and renters can expect post Covid-19.

Buyers can benefit from huge savings

House

Dream Property located in Essex

The current average property price in Essex is £359,500.

It means that the majority fall into the category of now being completely tax free until March next year.

Unsurprisingly, people are now desperate to take advantage of the low prices.

Gråinne Gilmore, head of research at Zoopla, said: “There has been a rise in demand for properties in Essex since the stamp duty holiday, on top of a strong increase post-lockdown.

“Average property prices in this region mean that buyers can benefit from some of the highest savings from the government’s property tax move.

“We expect that this demand will continue over the summer, but into the later part of the year a cloudier economic outlook may start to impact activity levels across the UK as a whole.

“We are seeing upward pressure on pricing at the moment because of activity levels, and we expect average level of house price growth to remain at current levels, between two per cent and three per cent, until later in 2020.

“Some buyers have used lockdown to review how and where they want to live and this will likely determine where they look for their next home – whether that is down the road from their current house, in the next town close to friends or family or in a rural retreat.”

Please see the full article posted by Essex News Live.

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