Covid-19 induced global pandemic has almost stalled the economic wheel and now after a year, we are somewhat sure that ongoing pandemic will keep dominating our lives for the foreseeable future. Following a pause in the activities in almost every sector, a new normal has started to resume across the world. The dust has started to settle for the UK property market and the housing market (particularly) bore up all and set to not just recover but perform well in the year 2021.
According to a survey…
With the vaccine rolling out across the country and a finalized Brexit deal following the rebate announced in the current Budget, 2021
appears to be far more optimistic for the UK property market – despite news of looming lockdown. The housing sector has shrugged off the impacts of closure in early 2020 and began showing recovery signs. A survey was recently conducted in the country where around 42.5% of respondents state that they are slightly more optimistic about the future of the UK property market recovery while 36.7% are much more optimistic than last year. And according to this survey, only 6.4% of respondents were pessimistic about the situation.
The ratio of pessimistic respondents was 23% in the previous survey that was held in December 2020 and 53% were optimistic about the future of the UK property market.
Investors to get back into real estate…
The survey claimed that people are positive about the UK property market and it is confirmed by the latest data derived from AI and machine learning specialist Irithmics that states investors are returning to the housing sector. Most of the prospects may not be sure about commercial property sector in the UK but if we talk about residential sector, most of the potential investors are positive about the recovery, especially after seeing the Budget 2021.
The housing sector of the UK property market is fully supported by the recent budget, where Chancellor Rishi Sunak announced that the stamp duty “holiday” will be extended till June 30, 2021. And even after the deadline of June 30, the stamp duty exemption will not be omitted immediately but the limit will be tapered from £500,000 to £250,000 until September 30. It will return to the normal level by October 1, 2021.
Stamp duty holiday is a remarkable step to stabilize the UK property market and shrug off the impact of corona virus led losses to the economy. In addition, the chancellor announced government backed mortgage guarantee on 95% loans. Buyers can obtain mortgage with a deposit of only 5 percent of the value of a property under the plan to turn generation rent into generation buy. The programme will bring 95% mortgages back from a government guarantee on those mortgages, which will help new property buyers having a smaller chunk of deposit.
A survey conducted by Building Societies Association…
Recently, a survey has been conducted by the Building Societies Association which forecasts a surge in consumers’ confidence regarding the housing sector, following the UK Budget, 2021.
Around 37 percent of the respondents agreed in the survey that it is the best time to invest in the UK property market, while just 17% disagreed. Besides the optimism, there is a growing expectation that house prices will further increase due to an imbalance in supply and demand. With almost four out of ten respondents have anticipated an increase in house prices by the end of 2021, which shows the property market is expected to be active throughout the year.
The budget announced earlier this month have stimulated buyers’ confidence and around 60% of the respondents (new buyers) are willing to make their first move as the mortgage guarantee scheme has made them feel positive about the UK property market.
The promising projects so far…
When a bigger chunk of people shows interest in UK property market, experts must guide them in the right direction. At Copperstones, we have curated a list of residential projects that are not just stellar in terms of residing in but can offer promising returns, too. For instance, Hendon Waterside by Barratt Homes is an iconic development located in Zone 3 and offers abundance of houses that are equally beautiful and can be a source of secondary income too.
is another exclusive residential project by Barratt Homes where they offer stunning ready to move in apartments and detached family homes. Depending upon your budget, you can either select a home or an apartment but all the residences enjoy a natural green backdrop, making it an ideal investment choice for nature lovers, who always look for a small yet cozy home, equipped with contemporary facilities.
These are our top picks of the hour and if you want to make the most of the stamp duty holiday period – these are the best options. To know more about these projects, dial us now and we will design a customized investment plan for you that fits into your budget.