COVID-19 impact & rebooting the UK housing market

COVID Impact
Written by Julian Ferrier

The roadmap to lifting lockdown is now before us, but what does that mean for the housing market?

Since the start of the year, we have been in lockdown, and have all been subjected to various restrictions on our freedoms in order to curtail the spread of the Coronavirus and keep as many people safe as possible. Whatever your politics, most would say the roll-out of the vaccination program has been an overwhelming success, and I have no doubt those in the older and most vulnerable categories are now able to walk with a slightly lighter step – I count my own parents amongst them.

In terms of the housing market, we have been given the freedom to trade, with caution and safety in mind, and have been adhering to government guidelines in order to maintain the safety of our customers and our staff.

The blast of icy weather at the end of January, when the chill factor fell well below zero, certainly caused a few issues for people who wanted to get out and about, but even that doesn’t seem to have dampened the appetite of buyers, with many of our new properties coming to the marketing and being sold in a matter of days.

As we head into spring, with longer days and warmer weather ahead of us, this tends to be a famously busy time for agents, with many people looking to tie in their home move with the various holidays coming up – for many, this is based around the school calendar. This year could again be slightly different, and we’re not entirely sure at this moment in time when we will be allowed to go on holiday abroad, and what restrictions around such movements may or may not be in place.

One thing, however, is for certain – as most of us have spent more time in our homes than we normally would, perhaps with more time on our hands too, many have decided to redecorate, refurbish, or renovate. Many homes have seen a property makeover during the last 12 months, making them ready to be marketed.

One of the glaring headlines in one of the national red tops last year read ‘House prices set to fall by 14%’. As you can imagine, this caused alarm for some of our existing buyers and sellers, with some having deep concerns over their potential next home. The papers did not offer any evidence to support this claim, but it made for a good headline nonetheless.

In the end, most reports would suggest that, despite the pandemic, house prices actually grew last year by around 5%.

For the team at Pearson Ferrier, we like the market to be busy, healthy, and active, with steady and sustained growth. So, as we head into spring, and with the Stamp Duty holiday deadline being extended, it could be a cost-effective time for you to consider making your next move.

If you need tips and advice on how best to present your home, or would like an up-to-date market value appraisal just to see if that next move is possible, get in touch!
We’re celebrating 25 years of trading this yeast, and the combined industry experience and wealth of knowledge at our disposal amounts to well over 100 years’ worth.

Give us a call or send us an email, and let’s see if we can help you to find your perfect next home and get you moving!

Do you know what your home’s worth?

We offer a free, no-obligation market appraisal, which will be followed up with a comprehensive property valuation report.