But that forecast turned out to be as mistaken as most of the others. Far from collapsing, the property sector has roared back to life since the relaxation of the lockdown. Only this week, the latest official statistics revealed that construction rose by 8.2 per cent in May, more than four times the overall rate of growth in the economy.
Private sector house-building was up by a fifth during the month, while residential construction in the public sector surged by 42 per cent.
It is the same story with sales, where the end of the lockdown has unleashed a wave of pent-up demand. A large dose of rocket fuel has been added to the recovery by the Chancellor’s recent mini-Budget, which dramatically suspended stamp duty on all transactions worth less than £500,000.
As a result, 90 per cent of purchasers will pay no tax at all until the end of March next year. In this new climate of optimism, property websites and mortgage brokers say that interest from potential buyers is up by almost 50 per cent since Rishi Sunak’s statement.
The buoyancy is further helped by the available of cheap credit, with mortgage rates at a historic low.
This story is from the July 16, 2020 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 16, 2020 edition of Daily Express.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Farage: Disgraceful Shutdown Of Right Wing Summit Proof Brexit Was Correct
Nigel Farage says he is "more convinced of Brexit than ever" after police shut down a Right-wing summit in Brussels while he was on stage.
DANCE TO STEP ON IT
Appleby's filly to confirm Guineas billing in Nell Gynn
Superdry's administration warning if rescue plan fails
SUPERDRY will fall into administration unless shareholders back a three-year, multi-million pound turnaround plan for the struggling fashion chain, chief executive Julian Dunkerton warns
Police instructor used bolt cutters to remove female trainees' earrings
A POLICE instructor made three trainees place their heads on a table while he used bolt cutters to remove their earrings, a disciplinary hearing was told.
Third of children in care live in North
Blackpool heads list for social Inequality
'Baby died strapped to beanbag at a nursery'
Nurse on trial for smothering’ nine-month-old Genevieve
'VICTORY FOR ALL SCHOOLS' AS PRAYER RITUAL BAN IS BACKED
A MUSLIM pupil has lost her High Court challenge against a ban on prayer rituals with the judge's ruling welcomed as a \"victory for all schools'
PM wins smoking ban vote...with Labour help
RISHI Sunak passed his flagship smoking ban last night with the backing of Labour after a huge Tory revolt, including from a Cabinet Minister.
'Now is a moment for calm heads to prevail. Escalation would be in no one's interest'
RISHI Sunak has told Benjamin Netanyahu it is \"a moment for calm heads to prevail\" in Israel's response to Iran's missile and drone attack.
Israeli airstrike 'eliminates' top Hezbollah military chief as Middle East tensions rise
ISRAEL last night claimed that its forces had killed a senior Hezbollah commander in a targeted airstrike in Lebanon.