Looking back on 2020, it’s easy to focus on the negatives. However, the impact last year had on the property market was definitely overall positive.
What is in store for the sector this year?
Government schemes
2020’s COVID crisis gave rise to the stamp duty and mortgage holiday to support property homeowners and landlords through their financial hardship.
The stamp duty holiday began on July 8th and will remain in place until March 31st this year, giving buyers and investors the opportunity to see savings of up to £15,000.
Due to the scheme, house sales rose by a huge 21.3% in September.*
Whilst it's been reported that an impressive 140,000 more people are waiting to complete on their house purchase since this time last year.**
Similarly, the mortgage holiday was initially introduced in March 2020 and has been extended various times with a current end date of July 2021.
This scheme was announced to help households who had been financially impacted by the pandemic and can be taken for up to six months.
For more information, please speak to your lender directly on whether a payment holiday is the right solution for you.
House price surges
With property priorities changing to favour gardens, large living spaces, rural locations, home offices and dining rooms, prices for these properties has increased massively.
Similarly, with the aid of the stamp duty holiday, many buyers have been able to push themselves financially and purchase a larger property than they first thought possible.
With so many positive elements to take away from 2020, and a bright future for the property market ahead, now is a great time to evaluate your options.
If you’re thinking of buying, selling or letting this year, contact us.
*GOV.UK
**Property Wire