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Financial News: UK Housing Market Unlikely To Fall Back To

UK Housing Market Unlikely To Fall Back To Pre-pandemic Decade Performance, Says BoE's Cunliffe

05/20/2021 - 08:10:00 (RTTNews)

(RTTNews) - The UK housing markets is unlikely to fall back in to its pre-pandemic decade performance even when the tax incentives are withdrawn, Bank of England Deputy Governor Jon Cunliffe said Thursday.

The housing market usually cools down when public support to the economy in general and the housing market in particular is withdrawn over the course of the year.

"But there may also be some reasons to believe that the recent increase in demand for housing, and perhaps the composition of that demand, which has driven the UK market in recent months reflects some more persistent drivers and that the market will not fall back to its pre-pandemic decade performance when the tax incentives have gone," Cunliffe said.

Following the sharp economic contractions and greater uncertainty ahead, the strength in the housing market is 'striking', he said.

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