Huge demand but a lack of supplies – what is driving rising house prices

27 July 2021

2020 saw a huge rise in demand for the housing market. The after effects of the first UK lockdown, coupled with the government’s Stamp Duty holiday, had thousands of buyers clamouring for new homes in desirable locations.

This inevitably led to a sharp rise in the cost of housing. With more demand than expected, sellers were able to raise their asking prices and draw buyers into lengthy bidding wars for their dream properties.

Now the Stamp Duty holiday has ended, and the UK is almost entirely out of Covid-19 restrictions, many new homeowners are turning their attention to renovating their new properties.

But with demand high and imports affected by Brexit, building supplies shortages are threatening to raise prices and hamper the renovation dreams of many.

We take a look at some of the key supplies that are in high demand right now and why they’re essential for building work.

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Property Wire