The end of the year is a great time to look back, but more importantly, to look forward. If you want to move home next year, this is the ideal time to take stock, and familiarise yourself with the housing market.
It is fair to say the end of 2020 has been positive in the housing market. Even with a second lockdown, the market has continued, and the stamp duty holiday has positively impacted demand and buyer activity.
There is hope December and then 2021 will be positive in the market
Zoopla has tipped house price inflation to reach 4% by the end of the year. At the end of November, it was sitting at 3.5%, and this is the highest level since December 2017.
The most recent House Price Index from Zoopla states the average UK house price stands at £223,550. The property portal believes the housing market is set to enjoy its strongest December for more than ten years.
Richard Donnell is the director of research & insight at Zoopla, and he said: “It has been a rollercoaster year for the housing market which is ending on a strong note, with demand and sales agreed still more than 30% higher than this time last year. House price growth has hit a three-year high and is set to increase further in the short term.”
Richard concluded by saying; “The high volume of sales agreed this autumn will spill over as completed sales in 2021 and this will support the overall number of sales completed in 2021 at 1.1 million. It has been a remarkable turnaround and completed sales look set to fall just 6% short of last year despite a two-month closure of the market in England.”
With Zoopla predicting the high volume of sales will spill over into 2021, there is cause for some optimism in the market. Also, there is a new Help To Buy scheme being set up in December, and this will hopefully help people enter the housing market with improved confidence.
While the stamp duty holiday has helped many people and households, it hasn’t helped everyone. There are many first-time buyers who feel left out, but hopefully this market will feel supported by these new measures.
What can you do to enter the 2021 market with confidence?
No matter what your current circumstances are, or what you hope to achieve with your next step in the market, it makes sense to call on support of the local experts. At Country Properties, we are pleased to say we have helped many buyers and vendors move, and we look forward to assisting you.
If you plan on making 2021 the year you move home, please consider the following tips:
· Make sure your finances are in order, and you are clear on what you can afford
· Create a list of features you must have in your new home, and make these non-negotiable items
· Know the features that you would like to have, but which are not essential
· Consider the impact of schooling, transport, if remote working is applicable to you, and how important a reliable community is
When you have these aspects in place, you are in a good position to move forward, and we will be more than happy to help.
The 2021 housing market will pose many challenges, but it also presents opportunities.
In line with Government guidelines, our Baldock Branch is open and our experienced team is working hard to support you. To clients old and new, if you have any queries or need advice on property sales and lettings then please call 01462 895061 or 01462 742077, or you could email email@example.com or firstname.lastname@example.org