£27bn in house sales lost to Covid
ALMOST £30bn of house sales were wiped out when the property market collapsed during the lockdown, research suggests.
A total of 124,000 sales worth £27bn were lost when normal life was put on hold at the height of the pandemic, according to Zoopla.
But the company said demand is surging after a temporary stamp duty cut, with house price growth expected to continue until the end of the year.
The market shutdown meant that 20pc fewer sales were agreed in the first six months of 2020 than a year earlier, Zoopla said. Demand is now running above normal as buyers make up for lost time, meaning its analysts expect sales to be 15pc down in total this year.
Weekly sales volumes are up nearly 50pc on pre-Covid levels. London has benefited most from Chancellor Rishi Sunak’s stamp duty holiday, which exempts homes worth under £500,000 entirely.
Newly agreed sales in the capital jumped by 27pc in the two weeks after the tax cut was announced, compared to a 6pc rise across the rest of England.
Annual house price growth in June was 2.7pc, meaning the average British property is worth £219,500.