Will it be boom or bust for Norfolk's property market in 2021?
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With much controversy in the world right now, I’m sure many of us would enjoy seeking comfort from clear, honest, and direct leadership. Each day I turn on BBC news, there seems to be more twists and turns than a Harry Potter book.
One consistency that has remained strong over the past nine months has been demand from buyers and sellers in the housing market, propelled by the stamp duty holiday.
With an estimated 650,000 properties sale agreed, but not yet through to completion, there has been a strong push to extend the holiday past March 31, 2021. Over 100,000 signatures have been rallied online, giving it the power to be raised and debated in parliament.
Conveyancers, estate agents, surveyors and mortgage companies are in the busiest spell of their careers, as everyone tries to pull together to keep sales completing and help home movers to make their dream move.
A huge increase in demand as people feel the pain of lockdown and want to improve or change their life, coupled with the stamp duty holiday, has meant the process is even slower, with some mortgage companies taking up to 39 working days to review their underwriting!
Come April 1, if the stamp duty is not extended, there will be a need for estate agents to carefully keep sales and chains together, which will undoubtedly need empathy, understanding, great relationships and skilful negotiation!
This is where an agent will more obviously prove their worth and value. I am very fortunate to have such a strong and experienced after-sales care team, that gives our clients a hand-held moving process and has led to us being the most reviewed independent in Norfolk and Suffolk.
Whilst some have predicted a crash in house prices, Rightmove predicts an optimistic 4pc price increase in 2021. However, I think prices will be far more reserved at 1pc growth for the year.
If the stamp duty holiday isn’t extended, demand will still be there. Even with the expected high rates of unemployment, the demand will still be there as lockdown has proven to create motivation and a higher desire to move.
Whether you’ve run out of room for the kids’ toys, are working from home and need a study, are downsizing to re-organise your finances, or changing your relationship status, there will be plenty of properties available and busy buying activity in 2021.
Whatever your situation, moving home creates happiness, a purpose and can certainly better your own family lifestyle with better space and location.
If you’re thinking of moving, get in touch for a free valuation and let’s build a plan for your 2021 move (Covid safety procedures apply).
This column is sponsored by Minors & Brady.