Property Housing Market Report: January 2021
Moving into a new year
Key Statistics
2021 marks the start of the UK’s journey as an independent trading nation. The vaccine programme is well underway and an end to the pandemic is finally in sight. We enter 2021 with a strong housing market following a remarkable recovery from the first lockdown.
Sales were up by 14% in London, 9% in the South East and 6.2% in Wales in the last 12 months, year on year.
The housing market has all but recovered following the forced closure in spring 2020. According to the Bank of England, mortgage approvals are only down -0.9% when comparing January to November 2020 to the same period in 2019 and according to Zoopla, new sales agreed in 2020 were 9% above 2019. The remarkable recovery was thanks to households re-evaluating their housing requirements and was fuelled by the stamp duty holiday.
Last year ended with the housing market in a strong position. According to Zoopla, demand in 2020 was 40% higher than in 2019 and although demand has slowed since summer, it remains 33% higher than last December, a previous peak following the general election.
Looking at the year ahead, 2021 will be host to a lot of housing market changes and deadlines. The stamp duty holiday is set to finish at the end of March 2021, the same deadline for Help to Buy changes. A 2% surcharge for overseas purchasers will be introduced from 1st April and potential changes to Capital Gains Tax are set to be introduced.
Looking to sell your home during the third lockdown? Get in touch with your local Fine & Country agent in the UK or overseas to find out how we can market your property to get you ahead of other sellers.
6th Jan 2021
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