Stanmore property prices are increasing at a rapid pace, in line with that of the country, despite the prevalence of the COVID-19 pandemic as government policies have not restricted viewings in the second partial lockdown in England and amid low interest rates.

The average price of properties in Stanmore stood at £641,535 over the last year, according to Rightmove-co.uk. Overall, sold prices in Stanmore were 6% up on the previous year and similar to the 2015 peak of £642,015.

In the four-week lockdown in England that will end on December 2, real-estate agents have been allowed to do viewings as long as all parties follow social distancing guidelines and use masks, according to the government's guidelines. 

Interest rates in the UK are at 0.10%, the lowest on record. A lower interest rate means cheaper borrowing costs, and that's supportive for people looking to take out loans, especially for first-time property buyers. In the long run, low interest rates have tended to be associated with higher property prices.

The government has also helped the property market this year by removing the stamp duty on the first £500,000 of the value of a property, taking some pressure off buyers. This scheme will end in March next year.

"The government has definitely tried to help the property market through its coronavirus guidelines and offering an incentive to do deals before the end of March to take advantage of the stamp duty holiday," Shilpi Kumar, a resident of Stanmore who is looking to buy a residential property in the area said on Monday.