UK Property News: Latest News Round-up

Originally published: March 2020
Updated: October 2025

March 2020 was one of the most challenging months in living memory for UK households. The nation was heading into its first lockdown, the housing market was effectively frozen, and the country was coming to terms with a “new normal” none of us had imagined.

Looking back from 2025, it’s easy to forget just how fast everything changed and how the lessons learned during those weeks still shape the property world today.

Below, we revisit what was happening at the time and how those extraordinary measures have influenced the housing market we know now.

Back in March 2020…

At that point:

• The Bank of England had just cut the base rate to a record‑low 0.25%.
• Mortgage payment holidays and rent protection measures were introduced.
• Schools closed nationwide, and strict social distancing rules came into force.

The pace of change was dizzying, and the guidance from government, lenders and industry experts was being updated almost daily.

Move iQ’s founder, Phil Spencer, and the team shared regular updates to help homebuyers, sellers, renters, and landlords make sense of it all.

The coronavirus impact on buying and selling

What it meant at the time

The pandemic created immediate disruption to one of the UK’s most dependable property markets.

“Those at the beginning of their search are now likely to take a step back, but those further down the track will be doing everything they can to speed up the process and make sure the sale goes through.”
Phil Spencer, March 2020

Physical viewings were banned, making it impossible to launch or progress most sales. Agents were instructed not to conduct in‑person appointments. Many transactions already underway were put on hold indefinitely.

“Viewings are being cancelled across the board as thousands of buyers opt to stay home or sellers ask agents to cease viewings. With fewer domestic buyers and a scarcity of overseas buyers, transaction levels are likely to fall sharply in the short term.” Phil Spencer, March 2020

Even removal firms were affected. The British Association of Removers (BAR) advised members to complete only moves already in progress and to postpone any that hadn’t yet started.

In short, the housing market wasn’t broken; it was simply frozen.

How things will have evolved

Thankfully, those restrictions are long behind us. But they left a lasting imprint:

• Virtual viewings and online valuations became common practice and remain part of the process today.
• Digital paperwork and remote conveyancing are now standard, making transactions faster and more efficient.
• Buyers and sellers are better prepared for delays, having learned from 2020’s unpredictability.

The experience taught the industry to be more flexible, and it’s now far more resilient as a result.

Interest rate changes

Then

In March 2020, the Bank of England slashed the base rate to 0.25% (and later to 0.1%) in a bid to cushion the economy. This created exceptionally low borrowing costs.

At the time, Phil advised:

“If you’re needing to remortgage to improve your current rate, or to pay for a home improvement project, now is a good time to take advantage of these deals.”

Those ultra‑low rates supported the market throughout 2020–21 and helped fuel the post‑lockdown boom that followed.

Now

In 2025, the picture looks very different. Interest rates have normalised following several years of inflationary pressure, sitting far higher than they did during the pandemic.

While borrowing costs are no longer at record lows, today’s market is more balanced. Lenders are competitive again, and buyers are encouraged to stress‑test affordability carefully, a lesson firmly learned from the volatility of those early pandemic years.

Mortgage holidays and rent relief

Back then

During the pandemic, lenders and regulators introduced mortgage payment holidays for borrowers facing income loss. Most lenders set up quick online application forms, allowing homeowners to pause repayments for up to six months.

The government also announced protections for renters ensuring no tenant, in either the private or social sector, could be forced out of their home during the crisis. Landlords were encouraged to communicate openly with tenants to agree on temporary repayment plans.

These measures provided vital breathing space during an unprecedented time.

Where things stand in 2025

The emergency schemes have long ended, but their legacy remains. Lenders now have clearer hardship protocols and offer tailored forbearance options rather than blanket payment holidays.

In the rental sector, communication and cooperation between tenants and landlords once unusual, is now encouraged as best practice.

Responses to coronavirus

Energy suppliers

In 2020, gas and electricity providers agreed on emergency support to ensure vulnerable people were not cut off. Suppliers offered:

• Emergency or friendly‑hours credit for prepayment meters.
• Payment deferrals or reduced tariffs for those in hardship.

Consumers were reminded to check for the best tariff savings of hundreds of pounds that were often possible simply by switching.

Broadband and streaming services

With millions suddenly working from home, broadband providers removed data caps on many household plans. Streaming services also offered discounted subscriptions to help families cope with lockdown life.

The impact today

Fast‑forward to 2025, and the infrastructure investments made during those years continue to pay off. Broadband coverage and reliability across the UK have improved dramatically, supporting the rise in remote and hybrid work one of the biggest lifestyle shifts to come out of the pandemic era.

Energy suppliers, too, have maintained hardship support schemes, though the focus has now turned to energy efficiency, green grants, and affordability amid continuing cost‑of‑living pressures.

How the property market bounced back

By summer 2021, the market came roaring back to life. Pent‑up demand, record‑low rates, and the temporary Stamp Duty holiday triggered a surge in transactions and price growth.

While that boom eventually cooled, the period reshaped buyer priorities permanently. Demand for larger homes, gardens, and flexible spaces remains strong today in 2025.

The “race for space” may have slowed, but hybrid working and lifestyle‑driven moves continue to influence where and how people buy.

Stay safe and stay updated

Back in 2020, Phil and the Move iQ team promised to help our community make sense of the fast‑moving situation, and we’re still doing that today.

If you want to stay informed on the latest UK property news, expert insight, and guidance for buyers, sellers and renters, make sure you’re subscribed to our Move iQ newsletter.

Last Updated: October 29th, 2025