The leading Estate Agents Anthony Martin are delighted to report that despite lockdown the housing market is currently at its best performance since Q4 2016. The house prices rose by 2.62% during the year to Q2 2020. In the meantime, London prices rose by 3.52%. Due to unstable economic and political conditions surrounding the Brexit deal, demand was weak before the pandemic. The pandemic stimulated housing market activities, which can be explained by the Stamp Duty Holiday. However, what will happen to the housing market in 2021?
Anthony Martin Estate Agents Bexleyheath Branch
It’s expected that the pressure from Stamp Duty Holiday will continue increasing demand. Despite the recently introduced national Tier 5 restrictions, real estate agencies are deemed essential business and will continue to operate safely. The demand after Stamp Duty Holiday is likely to remain high as more people reassessed their home priorities during the lockdown.
There is uncertainty about how the Brexit deal will affect the market. However, with two Covid-19 vaccines being approved and the housing market remains extremely strong since the first lockdown, the consumer confidence will continue to increase along with the demand.
Demand on the housing market will also depend on mortgage products available. Lenders are continuing to gain confidence so the number of mortgage products on the market is rapidly increasing. Mortgage interest rates have been at its lowest. In November, the Bank of England kept its key rate at its record low of 0.1%.
Anthony Martin Group CEO said: ‘’I am confident that the demand will remain strong on the UK property market. It’s vital for the businesses like ours to stay open and service incredible activity on the market as seen in the recent months’’.
Anthony Martin Estate Agents, who have been serving Kent and London for almost ten years have offices in Dartford, Swanscombe, Barnehurst, Bexley, Bexleyheath, Locksbottom, Meopham and Mayfair. Due to an increase in demand for properties outside of London, Anthony Martin Estate Agents has also recently opened an office Hanover Square, Mayfair to support those looking to relocate.