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Perk That Fueled the U.K.’s Housing Boom Is as Good as Gone

Property market is roaring despite huge economic slump
Backlogs mean new buyers won’t complete before March deadline

U.K. Hardens Lockdown For Millions Of Citizens To Stem Virus — Photographer: Ian Hodgson/Bloomberg

By

Olivia Konotey-Ahulu and

January 19, 2021, 5:00 AM UTCUpdated onJanuary 19, 2021, 9:38 AM UTC

The U.K. housing market’s recession-defying surge is about to face a reality check.

A government perk that’s bolstered demand for homes has only two months left to run, and almost one-in-six transactions currently underway are likely to miss out. The end of the tax break that’s saving buyers as much as 15,000 pounds ($20,400) threatens to puncture a boom that stoked prices to the fastest gains in six years.