UK housebuying in 2021 is poised to be busiest since 2006.
Figures from trade body UK Finance show prediction of Covid-era sales slump were wildly inaccurate.
This year is on course to be the strongest for home-buying activity since 2006, according to the main trade body for UK banks.
UK Finance said while the first few months of the pandemic, during which the property market shut down for a time, led to predictions that sales would slump, the reality was very different, with “Covid-era activity set to eclipse everything since the credit crunch.”
The figures come hard on the heels of forecasts from the property website Zoopla and other commentators that 2021 would be the UK’s busiest year for the housing market since 2007.
While official figures have shown that the number of house sales tumbled in the weeks immediately after the end of the stamp duty holiday in England and Northern Ireland, which finished on 30 September, this followed a record surge in activity during the latter half of 2020 and earlier this year.
Alongside the stamp duty holiday, the market was also boosted by a range of factors including government guarantees for mortgages and a desire for a new lifestyle prompted by the pandemic that has led many homebuyers to relocate and prioritise properties with bigger gardens and more room for working from home.
The most recent house price surveys from the UK’s biggest mortgage lenders depict a property market that is continuing to defy many experts’ expectations. Nationwide said average UK house prices continued their upward climb in November and were now 10% higher than a year earlier, while Halifax’s latest price data is due to be issued on Tuesday 7 December.
In its latest household finance review, covering July to September, UK Finance said: “Barring a complete reversal of the current picture, purchase transactions in 2021 will reach their highest level seen since the peak in 2006, just before the global financial crisis [of 2007–08].”
HICH LTD has revolutionised the property survey market since day one! Our property survey service is listed as one of the best in the whole of the UK! Please look at our Trustpilot page and see why everyone chooses us as their property survey provider.
Our vast experience in the local property survey market has made us the number one choice for surveyors. We offer a top-level service at affordable prices, the cost of our surveys is based on the number of rooms in your property, not their value, so our prices are always better than the competition.
At HICH LTD, we are pleased to do our bit to make the world a better place; that’s why we continually partner with NGOs and other institutions to join forces in environmental, social and charitable causes. If you want to know more about our efforts or want to know how you can help, contact us at hichinfo@aol.co.uk.
Are you looking for a roof, structural, or bespoke survey? Request it here!
Follow us on our social networks to keep updated with the most relevant property market news, tips for being a responsible homeowner, and much more!
Twitter: @HICHLTD
Facebook: HICH-LTD
