The Bank of England’s deputy governor says it’s possible that the current housing market boom may continue even after the end of the stamp duty holiday in the autumn.
Jon Cunliffe, in an address to the Law Society, says structural shifts in the wake of the pandemic, such as greater home working, may keep demand elevated.
He says that while“one would expect the market to cool down when public support to the economy in general and the housing market in particular is withdrawn” it is possible that there “may also be some reasons to believe that the recent increase in demand for housing, and perhaps the composition of that demand, which has driven the UK market in recent months reflects some more persistent drivers and that the market will not fall back to its pre-pandemic decade performance when the tax incentives have gone.”
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