With a few cases of this variant appearing in the UK, like many other places in the world, are anxious and have some questions such as would Omicron have an effect on the UK property market? What happens if another lockdown is on the cards? What would be the affect of potential guidelines and restrictions on the currently booming UK property market? All of these questions would be answered below.

What is Omicron and how is it different to previous variants?

Omicron is a new strain of Covid-19 which is also known as B11529 version. This has been classed as a variant of concern and currently it is being studied to see the differences can be found between Omicron and other variants so far.

Effects of the pandemic on the UK property market so far the definition of a “https://inews.co.uk/news/uk-covid-cases-first-second-third-wave-compared-deaths-hospitalisations-1263254″ “Covid Wave” has been a reported case rise over a 7 day period starting from under 2000 national cases. That said, we can say that the first wave of the disease was in March 2020 and so far it has carried on to date.

During the first wave, there was a national lockdown and the housing market was closed from March to May 2020. This closure caused a slight drop (around 1%) in house prices and once the market reopened in May 2020 house prices started rising. The slight rise in the housing market was when the stock market worst downward trend since the “https://www.bloomberg.com/opinion/articles/2020-03-12/coronavirus-triggers-the-worst-stock-market-crash-since-1987” crash in 1987.

As the market opened back up, people were very active in the market again and this was “https://www.youtube.com/watch?v=ZbtT2fhqfrY“predicted in January 2020 by Mason Verdi’s Managing director, Khashi Shahverdi. Along with the reasons mentioned in the video linked above, other factors such as stamp duty holiday also helped people buy properties and that certainly increased the demand even more than before and the UK average house price went higher than £250k for the first time ever. 

From February 2021 to July there were third round of restrictions and all during this period the property was experiencing growth at a high rate. In July once the restrictions lifted and with stamp duty holiday still in place, the surge was at an exponential rate and by September 21, the prices were nearly double their pre pandemic times in places. 

To talk about some numbers, since march 2020, average house price has increased by16% and it now takes just 36 days to sell a property according to Rightmove. There is also signed of even more growth with “https://www.savills.co.uk/insight-and-opinion/research-consultancy/residential-market-forecasts.aspx” Savills predicting this could rise by another 4.5% in 2022

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