After a year like no other, John Jarvis, managing director at Property Perspective, reflects on the last 12 months and talks about what he thinks 2021 has in store for the property market.
“I think I speak for everyone when I say I was happy to see the back of 2020. Missing out on time with family while protecting ourselves from Covid is something none of us want repeated for another full year.
“Nevertheless, despite the drastic start to the last year, it wasn’t all doom and gloom for the property sector at least. When the initial lockdown ended, we saw a monumental ‘boom’ and Property Perspective enjoyed a strong year.
“Pent-up demand for new homes and, in particular, for homes that were more suitable for families after spending so much time there during lockdown, paved the way for sales to bounce back and contributed hugely to our positive end to the year.”
But what will 2021 bring?
“The changes to Help to Buy and the end of the Stamp Duty holiday will undoubtedly have an impact. I believe that from March until around June we will probably see the market slow down slightly. However, I do think this will be temporary as overall demand for homes will remain strong.
“Also as the end of the pandemic appears to be within our grasp with vaccines being rolled out, I imagine some people will decide to hold off selling for a few months until it’s over. But for those who do decide to put their property on the market the lack of supply means there is a very good chance they will sell quickly.”
John predicts the rate at which house prices are increasing will slow, but the robust demand will push them to continue to rise and they are likely to stabilise towards the end of the year.
And even if the Stamp Duty holiday isn’t extended, John anticipates that further support will be offered by Government given the importance of housing and construction for the wider economy. He thinks housebuilders will step up their offerings too.
“For buyers who miss out on the current Stamp Duty deadline, I envisage housebuilders will revert back to offering their own incentives to attract sales, making it a great time to buy a new-build home.
“With Help to Buy being restricted to first time buyers, developers will be looking to help second steppers and other home-owning customers in different ways. Agency assist schemes will be very important and I think we’ll see part exchange being used more than it has been in recent years. These are both areas where we have all the necessary skills and experience to support.”
John and his team of property experts are noticing how much more forward sold their housebuilder clients are in the current climate, often selling homes now with completion dates way into the middle of 2021. If customers are reluctant to put their own homes on the market so far in advance, the Property Perspective team has the expertise to help keep the sales pipeline flowing. Read about how this is achieved in our blog: It's all about having a back up plan
To find out more, speak to our team today by calling 0845 6800 262 or visit www.thepropertyperspective.co.uk