Skip to main content

Four Things to Know About the Housing Market in 2021

Due to the Covid-19 pandemic, the increase in the number of people working from home as well as the initial ban on property transactions in the first lockdown, the housing market in the UK was majorly affected. After the first lockdown, the housing market restarted in the UK and was allowed during the second and third lockdown. The government introduced the stamp duty holiday which definitely helped boost the housing market as well as the buyer's confidence, and due to its overwhelming success, this scheme has been extended till July 2021. Even though the demand for homes increased, the average price of property rose in certain areas and government schemes worked like a charm, the housing market was nowhere close to where it was before the pre-Covid era. While no experts can predict with any amount of certainty the future of the housing industry in the UK, here are the four things that you need to know about the housing market in the UK in 2021.

Increase in demand for properties in the suburbs and boroughs

Due to the number of people who started working from home during the pandemic, there has been a tremendous shift in the housing priorities of homeowners and potential buyers. As more and more people are spending time at home, homeowners are choosing to upgrade their homes and their lifestyles. They are now looking for spacious properties with gardens and open terraces, and maybe spare bedrooms which can be converted into home offices. So, instead of living in a smaller apartment in the city centre, homeowners and potential buyers are choosing to buy more spacious homes in the suburbs and boroughs. Since the average price of property is relatively cheaper in the suburbs, and the homes in these areas are bigger in comparison, it only makes sense for homeowners and buyers to make the shift. So, if you’re looking for new housing developments in Bracknell, get in touch with a local  estate agent as soon as possible. 

Supply will continue to remain low

While there is certainly an increase in demand for houses and real estate, the supply remains low. For starters, residential projects and upcoming developments that were in the pipeline were delayed due to the Covid-19 pandemic. Also, due to the uncertainty of the pandemic, the buyer’s confidence had drastically decreased. So, very few homeowners and property investors were actually willing to put their homes on the market! Experts feel that the sales could be much higher, but the lack of supply is the real problem. In the near future, it seems that the supply will remain low; either until the pandemic finishes or the buyer’s confidence increases, or both.

Lack of low deposit mortgages in the market

Previously, first-time buyers and investors could get mortgages with a deposit as low as 5 or 10 per cent. Now, due to the uncertainty around the pandemic and the instability in the employment status, lenders and bankers have become very strict about their mortgage lending criteria. As the number of low deposit mortgages in the market reduces, first-time buyers and budget investors will be unable to purchase properties in the near future. Of course, this will have a devastating impact on the housing market in the UK. In order to prevent this, the government has announced a mortgage guarantee scheme that will allow first time buyers, homeowners and property investors to get mortgages by giving just a 5 per cent deposit. Leading lenders and banks in the UK have come aboard this scheme, which should make the demand for ownership rise considerably. 

Change in buyer priorities over the years 

The last few years have certainly brought about a major change in the priorities of the buyer. One such trend is that most buyers are looking for homes that are eco-friendly and environmentally conscious. For example, properties that have LED lighting, photovoltaic solar panels, programmable thermostats and have energy-efficient fixtures have become very popular among conscious buyers. Also, since more and more people have started working from home and will probably continue to do so for the next few years, potential buyers and existing homeowners have started looking at properties with work from home spaces. Some buyers are looking at properties with extra bedrooms, an outhouse or maybe even a garage which can then be converted into a home office. The increase in the number of people working from home has also led to an increase in the demand for properties in the countryside, as professionals no longer have to worry about commuting to work.


Popular posts from this blog

Why it’s important to save for retirement

While retirement may seem far off in the distance for some, financial experts say you’re never too young to begin saving.  In fact, the earlier you calculate your retirement needs and start building your nest egg, the easier it will be to create a viable plan for the future. Many experts advise you begin saving a percentage of your income for retirement as soon as possible, no matter how little the contribution may be, as it’s possible the Social Security benefits millions of people currently depend on may be in jeopardy.

3 things to look for in a savings account

Now that people are saving more money again many are shopping around for a savings account that gives better rates of return. It is possible to compare savings at and choose an account that gives a good rate. There are many banks that offer incentives to get new clients to sign up with them. Historically, savings accounts have not given a very good interest rate and it takes large amounts of savings to see an appreciable difference. Some banks offer rates as high as 3% as an introductory special. It is important to read the fine print before anything is signed.

Trading to Make Money

The answer is yes, making money from trading stocks and foreign currency using Forex is possible and thousands of people from all over the world do it day by day and you know what? You don't even have to be a pro to succeed but you will become one as you will trade more and more and learn the market and its ways, eventually knowing to anticipate exactly what the market is about to do so you'll profit the maximum amount.

Instant Cash Loans - The Preferable Solution for Sudden Cash Funding Needs

If you are short of time and need funds to pay your bills, then there are numerous options that you could choose from. You could borrow from your close friends and family members. However, the best thing to do is go with Payday loans. Although they charge you little high interest, at least you know for sure that you have cash that you need, and not spoil the relationship with your friends or family in case there is a delay in repayment.

Overview of the Indian Tax System

The Indian tax system can be very complex, but for a clearer understanding, we can break it down into simple elements that make up one’s personal income: a) Salary from an Employer. b) Rental (house property) income

Can ERP system reduce the business costs?

The benefits of ERP software are vast and can help a business achieve its goals in many ways but one of the primary benefits of using an ERP system is that it can help to reduce costs and to increase profits! An ERP system works by integrating itself into the business and brings all the various departments within the organisation together. This enables the system to improve communication between the various departments and also enables the ERP system to carry out a number of mundane manufacturing and accounting jobs for you. Since implementing an ERP system, many companies are reporting a reduction in production costs by up to 15% and others have reported a reduction in costs within other areas also. Here are three how implementing an ERP system can reduce an organisations cost:

The Budget Deficits and Municipal Bankruptcies

The financial markets today no longer look safe for investing in municipal bonds. With the present U.S. economy assailed with a growth in municipal bankruptcies, the problems that continue to plague America are forever on the rise. Budget deficits should be controlled by the local governments. In addition, further spats with creditors have to be avoided and so there is need for the deficit cuts by the municipalities. When the local government takes the regular steps in order to survive, the municipal bond investors and their invested amount of the tune of $3.7-trillion will be very much affected. The municipal bond defaulters are the cities in California; viz. Vallejo, Mammoth Lakes, Stockton, and San Bernardino. Compton is the next most likely town to follow suit; the reason being that all theses towns are facing the problem of big budget deficits.