UK property market set to grow 4% in 2021
As we come into the new year, the housing market is forecast to continue its positive state, according to Rightmove.
House prices are set to grow an average of four percent, despite the stamp duty holiday ending soon.
The market has seen a great increase in demand since the first lockdown, with larger houses proving to be the most popular property type, which is largely attributed to a change in routine and the rapid adoption of remote working across the country.
In July, Chancellor Rishi Sunak introduced a stamp duty holiday allowing houses purchased for under £500,000 to benefit from a tax break.
Although this scheme is due to end on March 31st, many people within the sector are calling for an extension, so that buyers and investors may continue to benefit from additional support and to speed up economic recovery.
Mortgage lender Halifax recently reported that over the last five months, the house price increase has reached its highest record since 2004.
Seasonal trends suggest that January is a popular time for buyers and sellers. This year, that demand is off the charts, with homeowners rushing to reach completion and see stamp duty savings.
Rightmove expects the market to remain resilient despite the pandemic and Brexit.
They claim that the uncertainties of COVID-19 and Brexit have been around for long enough to not deter Brits from buying and selling.
If you’re looking to buy or sell, get in touch with our local market advisors for more information on what to expect in 2021.