UK property market expected to start 2021 with a bang
For all the talk of an imminent property crash, experts are predicting the UK housing market will begin the new year with a bang.
Following a period of stagnation during the first lockdown in the spring, the property market in Britain witnessed an abrupt upsurge. The pent-up demand for property led to house prices reaching record highs. According to Halifax, in October 2020, the average house price increased by 7.5% year-over-year to £250,457.
The continued demand for property across the country coupled with the roll-out of the Covid-19 vaccine, is leading to predictions being made for the market to start 2021 with a bang.
One such thinker is property developer GRE Assets. Talking to Property Wire, Michael El-Kassir, managing director of GRE Assets, explains why he believes the beginning of 2021 will follow the same pattern as the latter part of 2020.
“With the imposed lockdown restrictions meaning people have spent much more time at home this year, we believe this has led to a distinct rise in the number of people seriously considering their next property move. Low interest rates, the existing Help to Buy scheme and stamp duty incentives, have also created a sense of urgency,” he said.
“The pandemic has been a wakeup call for prospective buyers and renters, who have reassessed their priorities when looking for their next home. Not only are they spurred on to make the leap from London, they also recognise the importance of having access to green space, whether that is nearby parks, balconies, terraces and gardens,” El-Kassir added.
With the property market poised to start the New Year in style, with house prices continuing to rise amid robust demand for homes, 2021 could be a good time to both buy and sell property.
Property auctions offer a great solution for buy and sell property for the right price.
Auction House London has a bustling calendar of property auctions for 2021. Check out the dates for our forthcoming auctions in 2021 and put them in your diaries.