Today we look at the long-term forecasts for the housing market and what they mean if you’re thinking about moving.
It
has certainly been an unusual year for our industry but the latest
market predictions from a major property chain make for interesting
reading.
Due to lockdown in March our sector ground to a halt for
more than seven weeks during what is typically a busy time of year for
property sales. Fast forward to May and June when the market re-opened
and demand rocketed. Then activity was further bolstered by the
introduction of the Stamp Duty holiday.
After so much
fluctuation, it’s understandable that people mulling over whether to
sell up or stay put might ask: ‘what’s next?’
Outlook
Over
the next four years, according to a report from Hamptons International,
the outlook is for steady growth, with forecasts for UK house prices to
rise by 2% this year and by 8% over the next four years.
HMRC is also predicting a rise in sales completions, year on year over the next four years, in line with economic recovery.
Market Confidence
Looking
ahead, and assuming there is an EU trade deal, Hamptons notes that
growth is expected to rebound to 8.7% in 2021. This on the back of the
surprising resilience the market has shown for 2020.
Contemplating Moving?
If
weighing up your options, but not ready to make a move just yet, these
market forecasts, along with the fact interest rates are low, will most
likely prove reassuring.
Even if you are not in a position to
take advantage of the Stamp Duty holiday (which ends on March 31 , there
will still be plenty of good reasons to act.
Consider too that
most of us move for lifestyle reasons. Families grow, people retire,
relationships blossom (or end) and employment opportunities change.
Major
life events don’t necessarily mirror property trends. For most of us,
moving is a big decision and we don’t do it on a whim. We weigh up the
pros and cons and ponder our next move in our own time.
In Conclusion
The
most recent forecasts should give potential-movers the confidence to
make decisions on their own terms for the mid to long term.
If
you’ve got any questions about the property market or would like to get
advice specific to your situation, get in touch with us here at Whitegates Keighley. We’re here to help.
