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?
Well, despite the country being plunged into a third national lockdown, the property market remains open, which is positive. However, with the Stamp Duty holiday ending on 31 March and furlough coming to an end in April, there are signs that values could slow significantly this year.
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 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.
Whilst the momentum of rising house prices may fade, in reality they could not continue at the pace there were rising, and therefore a slight readjustment should not make too much of an impact on sellers. With positive news of the Covid vaccination rollout, sentiment may improve enough to help sustain a good level of demand.
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.
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.
We also purchase probate properties, repossession or properties which have issues such as subsidence, for example. Most recently we have seen a surge of enquiries relating to properties with cladding issues, short leases and landlords looking to dispose of properties with tenants in situ.
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.
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.
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Phone number: 0207 449 9797
Email: info@webuyproperty.com
Email: info@webuyproperty.com