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@nickyhavey
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Interesting take on point 1, I hadn't thought of it just like that although I know a lot more are working from home now and like you say, working in the city or office is less of a "thing" now. In the UK though, we have been given a "stamp duty" holiday (i.e. a kind of "pre-purchase property tax") which is lasting until the end of March 2021 on properties up to a value of £500,000. This can save up to £15k in some places. After March, this goes so stamp duty will need to start being paid again at £125k.

I've spoken to my mortgage advisor many times and he did say this is a bubble we're in with covid so I'm expecting 2021/2022 for a slight dip in prices as our furlough scheme ends, the stamp duty finishes and lockdown pent up demand expires.

Either way, mortgage lenders here aren't really giving out mortgages to anyone unless you have a 35% deposit now which favours those with properties already looking to move on. First time buyers may be struggling for a while but shared ownership is an option in the UK.

Great post, thanks for sharing your knowledge and experience - I'll be keeping an eye on the developments of the housing market and bear in mind some of the points you've made. Not sure how different the situation is vs UK though in the US!

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