Hello and happy New Year to everyone, I hope you all had a terrific festive period surrounded by loved ones, socially distant of course which seems to be the default caveat that needs to be added these days.
I don’t think too many of us will be sorry to see the back of 2020, although there were good times throughout the year, I really enjoyed getting to spend so much time at home with my family and I got to meet my mates for quizzes whilst wearing my pyjama bottoms, who would have thought that would have been possible pre-2020? There were of course a lot of sad and low moment as well though, I don’t want to dwell on them too much, there’s been plenty enough of that done already and I’m sure that’s not why you are reading this blog.
So, what’s next for property sales in 2021?
There appears to be two schools of thought. Of course, there is the doomsday scenario where the economy will crash, people will lose jobs and the market will be flooded with properties for sale which would drive down the value of each property.
There are counter arguments though, banks are lending again, LBTT rates are still frozen, a Brexit deal has been agreed so the uncertainty around that has been removed, the government are likely to continue offering incentives for buyers and there will be a lot of pent-up buyers who would have bought or sold in 2020 but decided to hang fire until things calmed down. On a more human side of it, I am sure there is a lot of potential buyers out there now looking for a house with a spare room they can call an office or a garden so the kids can do their Joe Wicks fitness class without falling out with the neighbour below them. With the increase in home working, do people need to live in cities or can they now have the large rural property they have always dreamed of?!
All these factors considered; how do I think it will go? Honest answer is that I would love to sit here and give you a bold prediction but to use a phrase I am sure you’re sick of hearing, these are strange times we are living in, it really is very difficult to give a confident prediction. Not many experts predicted the huge spike in property sales we saw late summer. People will always need somewhere to live and with the rise in unemployment it will ensure that cheaper properties in areas popular with social housing will be in high demand. The numbers will still stack up for investors and economic arguments aside, investing in property is more fun to a lot of people than it just sitting in a bank account. People enjoy buying properties, whether it is to flip it, live in it or rent it out.
In summary, I would consider myself cautiously optimistic about what lies ahead in 2021. There are vaccines being rolled out as I type this and I hope that will lead to a return to normality, whatever that may mean now! On a personal level I cannot wait to get back to the many things I was guilty of taking for granted pre COVID-19. I hope everyone reading this achieves what they are looking to achieve in the year ahead, if we can play a tiny part in helping that then we would love to hear from you.
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All the best