From the onset of the COVID-19 induced global pandemic and the first lockdown in the UK, there have been considerable hikes in house prices around the country. A majority of real estate experts denote this hike as a significant measure taken by the government to keep the sector appealing to potential investors. A few more notable factors are the panic buying of houses, income aid by the government in form of lower interest rates, and stamp duty holidays for a certain period of time.
However, a spike in interest rates has recently been observed in the UK property market, which can affect buying behaviour.