Bright outlook for property market in 2021 despite ongoing restrictions
- 8th January 2021
- Selling Property News
Brexit deal and vaccine roll-out are causes for optimism
Although we are faced with continued restrictions in the form of a third national lockdown, there is at least some cause for optimism as we begin 2021. The property market proved resilient to the economic crisis caused by coronavirus throughout 2020 and we expect it to remain strong in the year ahead.
The promising start to the vaccine roll-out in December has given cause for optimism that the virus will be defeated, even as we face ongoing pressure and restrictions whilst the most vulnerable amongst us are inoculated.
The long-awaited Brexit deal has provided greater certainty, increasing confidence in the wider economy and property market.
The temporary stamp duty holiday, which will be in place until March 31st, continues to drive activity levels in the market. Buyers who want to take advantage of these savings are acting quickly to complete transactions ahead of the March deadline.
Mortgage approvals have been increasingly high, hitting a 13 year high in November. 105,000 loans for house purchases got approved, according to Bank of England data. With mortgage rates also at a record low, sellers can expect greater interest in their properties and increased number of potential buyers.
Stephen Ludlow, Chairman of ludlowthompson says “Despite the ongoing challenges posed by the pandemic, we have every confidence that the housing market will continue to show the same resilience it did in 2020.”
“The impact on banks during the crisis has been minimal, unlike what was observed in the aftermath of the 2008 financial crisis. This suggests that the healthy levels of mortgage approvals should continue.”
“The vaccine roll-out and the new Brexit deal augur well for the UK’s economic recovery from coronavirus.”
“ludlowthompson is committed to safeguarding the health and safety of our devoted teams and are acting in the best interests of our loyal customers. We will continue to follow government guidance throughout this national lockdown.”
Ludlowthompson’s agents are continuing to offer prospective renters and buyers guided video tours of properties. In person viewing appointments complying with social distancing policies are available following virtual viewings.
This week’s video tour is a one bedroom flat in Tooting
We received 1,179 5-star Google reviews in 2019
6,217 positive AllAgent reviews – Top 5 Agent in the UK (2020)
Hassen Y via Google reviews
“I had a positive experience selling my property with ludlowthompson, the team have been very helpful during the selling process. The team have been friendly and helpful, very professional, and always ready to help. I would recommend ludlowthompson to anyone looking to sell”
Sarah H via Google reviews
“This was our first experience as a seller. From the moment we met the team on our initial valuation we knew straight away that ludlowthompson would be the right agents for us. The team has been extremely professional, reassuring and lead us carefully through each step of the process”
Despite the ongoing challenges posed by the pandemic, we have every confidence that the housing market will continue to show the same resilience it did in 2020
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