Did anyone get their predictions for the 2020 property market right? I suspect not. We’d barely heard of Covid back in January last year and, if we had, we would have probably written off the housing market for half a decade.
But look at property now. Prices are up 5 per cent on average and so too is the volume of sales: £62 billion of extra transactions according to Zoopla compared to 2019. And that’s despite the economic hit we’ve experienced over the last year. I’d suggest the upward trajectory will continue, albeit with a few wobbles. This market movement is being driven by macro factors, not local ones. Low interest rates and economic optimism surrounding a 2021 vaccine could mean continued growth. U-turns on planning policy and delays in house building caused by the first lockdown will mean demand will continue to outstrip supply for some time. The priorities of many home owners have changed drastically in 2020, providing plenty of impetus to plan a move.
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