What’s in Store for the Property Market in 2021

The UK property market has always been fundamentally resilient. When we launched into lockdown early in 2020 the national media was predicting a property price crash. What followed through the latter part of the year was a mini-boom with inflated activity and increasing house prices. The rental market also saw a lift in rental values, especially for houses.

And now that we’re back in a national lockdown, movement is more restricted as the latest variant of Covid ravages our country. But the housing market remains open, unlike the beginning of the first lockdown in 2020. 

The UK property market has always been fundamentally resilient. When we launched into lockdown early in 2020 the national media was predicting a property price crash. What followed through the latter part of the year was a mini-boom with inflated activity and increasing house prices. The rental market also saw a lift in rental values, especially for houses.

Stamp Duty Discount

Undoubtedly the stamp duty discount has been a major contributing factor and I expect the momentum to wane a little as we approach the March deadline. Calm pre-pandemic normality will follow with surveyors and conveyancers able to take a breath and see their coffee over their shorter stack of files.

April 2021

There may be a negligible national decline in prices from April for a few months as everyone takes stock and non-completed sales before the SDLT holiday ended come back to the market, but this will only be a stumble.

Lockdown 3

As Covid cases continue to rise we have entered into the third lockdown, almost a year after the first started. Unlike the first lockdown, home visits are still permitted for viewings and surveys. That means that not only can people continue to view houses, but lenders can maintain “real world” valuations. Stopping this is what paused the housing market as lenders scrambled to find a way to make accurate valuations. So this time, the housing market is open for business. 


 

In this article, Investment Property Forum looks at the steps that estate agents, conveyancers and the public must take to ensure social distancing.

What does the latest lockdown mean for the UK property market? – Investment Property Forum

With the Prime Minister announcing a new national lockdown in England to control soaring COVID-19 cases, many are left wondering about the state of the UK property market. While the housing market wil…

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The Year Ahead

I predict 2021 to be a year of slower and more stable growth. As home working continues to impact behaviour, more people will continue to move out of the cities. I expect property prices in the regions to boost the average percentage increases.

The need for more space, a want for fresher air, and ‘we need to have a bigger garden’ on most family agendas, will see buyers hot-footing out to the suburbs and beyond.

There may be a negligible national decline in prices from April for a few months as everyone takes stock and non-completed sales before the SDLT holiday ended come back to the market, but this will only be a stumble.

Growth predictions from a number of reputable sources range anywhere from 0% to 8%.

With such uncertainty in our lives now it’s challenging to make an accurate prediction, but I believe that we will continue to see positive growth in the UK property market through 2021.