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The case of COVID19 caused great uncertainty this year. Especially following the initial national lockdown. The pandemic brought many business sectors to a halt. However, the property sector witnessed an unprecedented growth during this time. With record high sales, an increase in house prices and a 50% growth in the sales pipeline! The market showed no signs of slowing down during the second lockdown. With a continuing trend, the market is predicted to face the busiest holiday season post-lockdown. This is due to the three cohorts of buyers in the housing market.
This includes buyers who put their moving plans on hold at the start of the pandemic.
Secondly, the mix includes homeowners who are re-evaluating their home environments. Prioritising their changing requirements and need for more space.
The third cohort includes buyers looking to take advantage of the stamp duty holiday, before the deadline in March. This is driving buyer demand.
Demand for Property Remains High
Although demand has decreased since summer, the figure remains 40% higher than last year. Elevated levels of demand will continue for the remainder of the year. The sector is expecting an additional 100,000 completion of sales in Q1 of 2021. Therefore, an exciting time for those looking to invest in properties or developments. If you’d like to discuss your next investment, get in touch. The experts at CityRise will be sure to guide you through the process offering professional advice.
Richard Donnell, Director of Research and Insight at Zoopla commented: “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.”
Will Tiered Restrictions Affect the Market?
December marked the end of the second national lockdown. However, to reduce the spread of the virus, the government has implemented tiered restrictions. Nevertheless, under the new government guidelines, the housing market will operate as normal across all tiers. Whether you are buying, selling, renting, or letting a property. Therefore this is the busiest holiday season predicted post-lockdown as buyers rush to complete purchases.
Comprehensive advice is available on conducting physical property viewings with safety precautions in place. Valuers, tradespeople, estate and letting agents, and movers can continue to operate as normal. Meeting with people outside your bubble ‘to facilitate moving home’ is listed as an exemption from gatherings. The government states this is relevant across all tiers. Therefore, those who initially halted their plans, can now continue moving.
The latest guidance advises you to maintain a 2 metre distance from each other during property viewings. Extra precautions should be put into place, such as wearing face coverings. Washing hands frequently can also reduce the risk of the virus spreading. Property agents are ensuring all properties are COVID19 secure, making sure homes are thoroughly cleaned. Many agents have also adapted to provide virtual viewings and are vacating the property during viewings. The government is encouraging home buyers and agents to remain flexible, should there be any delays. This may be due to individuals self-isolating or contracting the virus.
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