Why there are reasons to be cheerful about the housing market – despite the global pandemic

Back in March when the first Covid-19 lockdown began, Christmas was the last thing we were thinking of. Certainly, none of us imagined that we would be heading into the festive season with a second lockdown and fears that traditional family get-togethers would be banned.

None of us had an inkling of how massive the impact of coronavirus would be on our home and working lives.

 

Like all sectors, the housing market was thrown into disarray as the first lockdown began, with estate agencies closed, viewing halted and purchases put on hold.

 

But optimism is a key factor in a thriving housing market and when restrictions were lifted there was a boom, with reports that house prices had reached record highs.

 

This boom was helped by the announcement of a freeze on stamp duty, which will be in place until next March, and has already saved thousands of pounds for buyers.

 

While the second lockdown has not been so restrictive it did see a slowing down of sales and a levelling off of prices. But with fewer restrictions and the stamp duty holiday still in place, people are still buying and selling homes.

 

News of a vaccine has also buoyed the market and is another bright spot amidst the doom and gloom of the wider crisis.

 

Natasha Williams, director at Shape Surveyors, said: "We are hugely optimistic around the housing market. I am confident its resilience will remain strong in 2021.

 

"Despite everything, there are reasons to be cheerful, and this is reflected in the housing market.

 

"After a tough year, many people are re-evaluating their lives and priorities and want something to look forward to.

 

"A new home is a perfect way to do all these things and if they can save money with the stamp duty freeze, then that's an added bonus."

 

"We are still able to carry out surveys and by unearthing any hidden problems before the purchase is finalised, we can help make that process as stress-free as possible."

 

While Christmas may not be quite as merry and bright as usual this year, the housing market remains resilient and optimism is high. Many will be putting 2020 behind them and starting a bright new future from 2021 in a beautiful new home.

 

If you'd like to book a survey or would like further advice on whether you need a building survey or homebuyer report please vist www.shapesurveyors.co.uk or call 0121 769 2175.