We all know that 2020 has been one of the most difficult years of them all and marks one of the largest economic disturbances in the UK (and the rest of the world) however, when you look at the house price index, it does not indicate that the market was shut down for nearly two months.
During lockdown, we felt the demand build within a couple of weeks, online enquiries were sent through, virtual tours requested, and detailed questions asked in readiness for the market re-opening. When the market first re-opened in May, agents did not have the stock to meet the demand, meaning multiple offers and potential buyers for the same properties meaning prices started to push up slightly. We did also see the introduction of the stamp duty holiday, which encouraged sellers to get moved to their next property while they could save money.
The national restrictions have also proved how important being in the right home is (now we are spending so much time in them). We have found their property is either too big, too small or doesn’t meet the needs of working from home which has in turn made homeowners reassess their living arrangements and how they could be improved.
As we head towards the end of 2020, we are finding that supply and demand has levelled out, although the market remains strong. In fact, activity for December is expected to be the strongest in more than a decade! We are seeing a record number of completions set for December, getting the all-important move done in time for Christmas.
But will this continue? Current market research by Zoopla and Propertymark indicates that annual house price growth, having remained steady at a 2%-3% growth throughout the year is likely to moderate over 2021, there may be some small declines to the second half of the year, but the market will remain highly localised. The market through South Lakeland and North Lancashire, has always been widely popular. In fact, Kendal was rated at the 6th most desirable place to live in the UK, we expect that the market in our area will remain steady throughout 2021.