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?’
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.
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.
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.
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 Martin & Co Thackley. We’re here to help.