Economics
Estate Agents Warn of Boom to Bust for U.K. Housing Market
- July sees demand, prices rise after stamp duty holiday: RICS
- Transactions seen weakening as unemployment fears mount
People view displays in an estate agent's window in Guildford, U.K., on June 12.
Photographer: Luke MacGregor/BloombergThis article is for subscribers only.
The U.K. housing market gained momentum in July after Chancellor of the Exchequer Rishi Sunak announced a stamp duty holiday, but the improvement is expected to be short-lived and some real estate agents are warning of a possible slump as government support for the economy is withdrawn.
New buyers flooded the market and house prices rose in every region bar London, with a key index of values turning positive for the first time since March, the Royal Institution of Chartered Surveyors said Thursday.