UK housing market decelerates- RICS

The expansion seen in Britain’s housing market receded sharply in January. This followed after the country reimplemented virus-related measures, and a soon-to-expire tax break for buyers dragged the market, a survey showed on Thursday.

House price growth lost its momentum, placing lower than what was expected in a Reuters survey. More so, prices in London plunged for the first time since July, the Royal Institution of Chartered Surveyors said.

The country’s housing market saw a wild increase in the second quarter of 2020 as pandemic-related restrictions prompted people to seek bigger homes. Meanwhile, a tax break for buyers greatly fuelled demand. But the market was dragged as the stamp duty tax exemption nears its expiry, with reports from media that finance minister Rishi Sunak might extend the deadline.