The spate of house-buying activities had boosted the value of UK homes in the open market to reach an overall total of GBP9.2 trillion as of October 14, 2021. While the so-called “race for space” was spurred by several factors, the buying events led many to East and South East England, where boroughs like Borehamwood has much to offer as affordable housing.

Reference to open market means the prices of the available homes are determined by the supply and demand. The trading system is not restricted to a specific area or impose limitations on who can participate.

The “race for space” was spurred by several factors, including the need to have a decent and more spacious dwelling now that companies are allowing employees to work from home. Yet the greatest motivating factor was the Stamp Duty Tax holiday promulgated by Chancellor Rishi Sunak in July 2020, after the country emerged from its first bout of lockdown. The tax break kept the housing market afloat and at the same time, helped UK citizens pursue plans of buying a home instead of paying monthly apartment rentals.

The Stamp Duty Tax offered a tax break applicable on the first £500,000 of the acquisition price of a property purchased in England or Northern Ireland. While many mortgage-ready UK citizens saw the tax break as a once-in-a-lifetime opportunity to reduce the cost of buying a home, Britons with super buying powers also took advantage of the tax break; but for investment purposes. As a result, demand exceeded the supply of available homes in the open market, and there was no other way for the prices to go but up.

Apparently many of those looking to invest had more focus on London properties, which also caused an increase in the prices of private homes in the Greater London Area. This left the open market for homes in the East and South East of England available to those looking for a better place and larger space to live in, at an affordable price.

Borehamwood Draws Attention as the Best Place to Live In

Many found their dream home in Borehamwood, a borough in Hertfordshire where several housing projects have been completed prior to the “race for space” triggered by the COVID-19 lockdown and the Stamp Duty Tax Holiday.

Even after the tax break ended last September 30, 2021, Borehamwood Estate Agents continue to receive numerous requests for house valuations. The race now is to find a home before the Chancellor raises the low interest rates imposed on housing loans.

While Borehamwood is already famous for being the home of many major film and TV studios, house buyers are pleased with what the borough has to offer as private housing choices. Moreover, they also like what they are hearing from the Hertsmere Borough Council regarding the economic developments plans lined up for Borehamwood.

The Hertsmere Borough Council recently announced that a state-of-the-art Hertswood Studio Complex that comes complete with a hotel will be constructed. The hotel will offer accommodation to arriving film and TV celebrities, crew members and tourists who will be using the studio complex. The real estate plans also include the development of additional affordable private homes and the construction of a new college that will operate alongside the existing Elstree Screen Arts Academy

Even those looking for housing but unable to afford the private homes up for sale in the open market, have high hopes that they’ll be able to buy a low-cost home in Borehamwood. Many are banking on the Hertsmere Borough Council’s affordable housing schemes to make home buying possible for those couldn’t buy from the open market. Such schemes include “shared ownership,” “older people’s shared ownership,” “rent-to-buy,”  obtain home equity and “ home ownership for people with long-term disability.”