Page 34 - June 2022

PROPERTY NEWS

How has the property market changed
since Covid-19?

The end of June marks two years since restrictions lifted after the first
Covid-19 lockdown, changing the property landscape across Scotland.

t’s now been two years since the the pandemic. As restrictions lifted and
first Covid-19 lockdown in 2020, the market reopened in June 2020, we
Iwhen the property market was reflect on the changes and adjustments
effectively shut down in response to in the market over the past two years.

A timeline of events

16 March 2020 28 May 2020
The UK public is asked to limit all non- Phase One of the Scottish Government’s
essential contact and travel by the UK ‘roadmap out of lockdown’ commences, 5 January 2021 16 December 2021
Government. ESPC agents respond by which allows for ‘safe reopening of the A second national lockdown is imposed. Open viewings are permitted in
launching virtual services, including housing market’. The Scottish Government confirms that Scotland, for the first time since March
viewings, valuations and advice. activities connected with moving home 2020.
29 June 2020 are allowed to go ahead but advise
17 March 2020 First Minister Nicola Sturgeon confirms postponing if possible. 21 March 2022
The UK Government announces that restrictions on house moves will The Scottish Government confirms
a mortgage payment ‘holiday’ for be relaxed. In-person property viewings 31 March 2021 the removal of all Covid-19 legal
homeowners, with an estimated and house moves may now go ahead. The LBTT holiday ends, returning the requirements, except for face coverings.
1.8million using this. threshold to £145,000 (£175,000 for All specific Covid-19 guidance on home
July 2020 first-time buyers). moves is now removed.
23 March 2020 ESPC reports a significant rise in
The first national lockdown comes into demand, with valuation requests up 1 April 2021 18 April 2022
force across the UK. 120% year-on-year, viewing requests up The First Home Fund launches, but The remaining Covid-19 restrictions
240% and property listings up 39%. demand is so high that it closes by around face coverings are lifted.
31 March 2020 8 April.
The Scottish Government advises that The Scottish Government announces
all house moves should be delayed. an LBTT holiday, raising the threshold 9 August 2021
to £250,000, and additional investment Scotland moves to ‘Beyond Level 0’
in the First Home Fund. restrictions.

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