Residential property prices increased by 6% in 2020, according to Halifax, with the average price of a property in the UK reaching a record high of £253,374 in December, up £14,295 year-on-year.
This significant upturn in prices was driven by pent-up demand after years of Brexit uncertainty followed by the first National lockdown, which encouraged people to reevaluate their lifestyle, and then of course the stamp duty holiday. These factors combined were the perfect recipe for a big acceleration in the property market.
What does 2021 have in Store?
In addition, it is estimated that around 350,000 buyers could lose out on the stamp duty break for their purchase due to problems like delays to completions or trouble getting mortgages approved. According to Rics, a number of surveyors saw queries from potential new buyers rise in December, but to a lesser degree than in November. The number of new buyer queries has now dropped for the fifth consecutive month, which could be an indication of where the market is heading.
In spite of the Stamp Duty holiday coming to end, many homeowners who have come to the realisation that they need more space will still be motivated to move, even more so following another lockdown. Sellers may find that buyers try to negotiate harder on price to account for the increase in Stamp Duty they will have to pay.
In cases where disposing of a property asset quickly is priority, using the conventional method of selling through an estate agent is not always practical. WeBuyProperty has helped people who need a quick sale due to changes in their personal circumstances, such as relationships, moving abroad or facing financial difficulty.
As members of the National Association of Property Buyers and the UK’s largest redress scheme, The Property Ombudsman, our clients use our house buying service with confidence. We provide a guaranteed quick sale and are able to transact within a matter of weeks or a timeframe to suit our clients’ requirements. We look to purchase property BMV within the UK.
If this is something that would be of interest, feel free to make a no-obligation enquiry about our services.