As the year sets in, the UK property market is beginning to roll in style, and we see a promising 2021. We expect to see a pent-up demand after the lockdown and following the good news of COVID-19 vaccine, the year 2021 seems encouraging. We have seen continued interest from buyers and renters in new houses developed in cities and towns, which clearly realigns connectivity, affordability and regeneration. The imposed lockdown made people spend more time at home in 2020, making them seriously consider making a property move.
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So, what is the buzz about this property shakeup in the UK?
We can attribute this to low-interest rates, duty-free stamp incentives, and the existing help-to-buy schemes; the global pandemic has become a wake-up call to the prospective buyers and renters reassessing their priorities. The expiry duty stamp holiday brings many effects surrounding property acquisition. What we know right now is that this drive will brew a mixture of winners and losers. Overall we understand the ending of the scheme is unlikely to produce casualties in the property market as the economy reshapes, it will impact the desire to buy a property. And that’s not all, property renters and buyers recognize the importance of green space, and it doesn’t matter whether it is on the terraces, backyard, balconies or near the parks.
People will adapt to work from the home model after the pandemic has ceased. Therefore, even as people return to workplaces as COVID-19 restrictions from health ministries are lifted, people will continue to be flexible and adaptable. New homeowners will consequently, emphasize the connectivity and the 15-minute city concept. The likely continuation of working from home and online shopping will accelerate the need for high street experience brought closer to homes and not workplaces. New homes will be developed with home offices, owing to what we have learned in 2020 and will probably continue in 2021.
COVID-19 vaccine is here, and we know for a fact that it will take months to reach the majority of people, and that gave people hopes to begin property searches. And that tells us one thing: people are eager to leap the real estate investment, especially now that people understand the importance of homes with hyper-optic connectivity to facilitate work from home.
The demand for property in the suburbs and the countryside will increase even as the vaccine roll-out begins. And the figures indicate the escape to the country and suburbs isn’t relenting as we go into 2021.
Lastly, Brexit will put the last jab on the economy. The number of people buying or selling will inform whether the economy is positive or otherwise as the COVID-19 gradually fades away.