House prices: #Vaccine hopes could mitigate risk of 'severe downturn' in #UK ...

HOUSE PRICES in the UK have been on the rise this year despite the coronavirus pandemic halting the property market earlier this year. Now, it's been suggested a coronavirus vaccine which was approved earlier today could prevent a housing market downturn.

PUBLISHED: 18:32, Wed, Dec 2, 2020 | UPDATED: 18:32, Wed, Dec 2, 2020

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House prices: Chartered Surveyor discusses impact of lockdown

Today, the UK became the first country in the world to approve a vaccine for coronavirus. Britain’s medicines regulatory, the MHRA, approved the Pfizer/BioNTech coronavirus vaccine which will be available to some members of the public in a matter of weeks. The vaccine will hopefully boost the UK economy which has taken a hit in recent months due to England’s second lockdown and a plethora of more stringent restrictions.

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Although the housing market has remained buoyant since it restarted back in May, there are fears that once the stamp duty holiday comes to an end, the housing market could take a plunge.

The Stamp Duty Land Tax (SDLT) holiday is set to finish at the end of March.

The holiday means that homes valued under £500,000 are exempt from stamp duty being payable.

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Homes costing more than £500,000 will only be taxed on the amount above £500,000.

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House pricesHouse prices: Vaccine hopes could mitigate risk of 'severe downturn' in UK house prices (Image: GETTY)

House pricesHouse prices: The UK became the first country in the world to approve a vaccine for coronavirus (Image: GETTY)

Office for National Statistics (ONS) figures have revealed that UK house prices have risen by 4.7 percent in September on an annual basis.

Furthermore, Nationwide’s house price index showed that house price growth rose to 6.5 percent in November which is the highest rate since January 2015.

House prices were also 0.9 percent higher in November than in October, according to Nationwide.

According to PricewaterhouseCoopers (PwC), a multinational professional services network, there are a number of factors

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