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.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
Help us make a difference to those in need this Christmas
Donations for our local food banks are being gratefully received at your local Pygott & Crone branch
Is home staging worth it?
Home staging is a specialised skill which involves creating the perfect atmosphere in your home using furniture and accessories, plants and lighting, to garner buyer interest for your property and sell it faster, for the best price.
Winterproof your home with these tips
As autumn leaves us and dark evenings approach, now is the best time to start preparing your home for the cold months ahead.
One in three properties receive an offer one hour after viewing
The housing market once again exceeds expectations after a poor reception from the chancellor’s mini-budget and regular talk of a possible slowdown, as current research suggests that in 2022, almost a third (31%) of properties are now receiving offers within an hour, compared to a mere 7% in 2018.