Post-pandemic predictions for the property market
After 18 months of uncertainty, the UK property market has seen some incredible highs and lows, from the sector closing and reopening last spring, to the impact of the stamp duty holiday on residential transaction levels.
For those looking to buy or sell in 2021, here are the top projections on what will continue to shape activity levels in the coming months.
House prices at a record high
Initially propelled by the stamp duty holiday, house prices have risen by 10.2% in the year to March 2021, with vaccine optimism now fuelling high demand levels.*
With a tapered end this September, homeowners can still save £2,500 on the first £250,000 of a property due to the stamp duty holiday, meaning that sales will continue to push up prices this summer.
If you haven’t had a recent valuation of your home, talk to us today to gauge its current value.
The long-awaited return of overseas property investors
Travel has been made all-but-impossible for most travellers.
However, with vaccine programs being rolled out in other countries as well as the UK, we should soon see the return of overseas buyers looking for their next investment opportunities.
This will be key to help the market fully recover from the events of 2020, particularly for the construction sector.
Country locations increase in popularity
Remote working became the norm for most of the country’s workforce in 2020, which gave people the freedom to move further afield.
As outdoor space went up in our estimations, the need for a perfect commute distance became less important, leading to more buyer activity as homeowners and tenants found themselves restless with their current accommodation.
More space for remote workers
For those whose job will continue to operate remotely, a home office or designated workspace is essential.
Larger properties are in short supply, making it the ideal time for homeowners to sell up.
Commercial spaces transformed into residential properties
Commercial spaces are being left empty, as many people are now opting to work from home, where able.
This means that many offices have closed permanently, leading the owners to convert them back into residential properties.
Overall, this could have a massive impact on the market.
Do you want to know your options buying or selling this summer? We’d like to offer you a consultation, visit our website to learn more.
*ONS
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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