15 December 2020
What’s in store for the housing market in 2021?
It seems fair to assume that everyone will be glad to see the back of 2020. It has been a tricky year for the housing market to say the least, with the pandemic ensuring its total shutdown for several weeks during the first national lockdown. And yet property prices continue to confound all expectations, climbing on the back of a surge in pent-up demand, combined with the experience of living under lockdown and subsequent desire for more space – both inside and out.
At SPF, we managed to progress our expansion plans, opening offices in Oxford, Bath and Cambridge. This will enable us to increase our coverage further throughout these regions and we look forward to welcoming everyone to these new offices, once we are able to do so, in 2021.
The first quarter of the coming year is likely to continue in the same vein as the close of 2020 – with buyers keen to complete on their purchases ahead of the expiration of the stamp duty holiday at the end of March. Estate agents, surveyors, conveyancers, lenders and, of course, mortgage brokers, are working hard to ensure that deals get across the line, saving purchasers up to £15,000.
Prospects for the market are encouraging with increasingly positive news about a vaccine, lenders remaining keen to lend and mortgage rates likely to stay low. Times were tough for first-time buyers in 2020 with many lenders pulling out of the high loan-to-value market but some of the bigger providers are returning to the 90 per cent LTV space, giving more choice to the lifeblood of the market.
We would like to take this opportunity to wish you a very Merry Christmas.