The housing market has been resilient through the global pandemic. Lockdowns caused a race for space as home buyers sought out more space both inside and outside the home to endure the restrictions. Renters were not the only ones looking to buy, as homeowners became home movers due to seeking a pandemic lifestyle friendly home, and the ability to secure a low interest rate mortgage.

According to figures released by UK Finance, and projecting a continued current demand over the coming weeks to the close of the year, the housing market could reach the strongest year since 2006. The strong demand in the housing market has supported the UK economy during the global pandemic and has surprised even the most optimistic experts. No one could have foreseen that the pandemic and lockdowns would start a surge of home buying.

The housing market has remained busy during the pandemic and despite the close of a major discount in the stamp duty holiday ending in September demand has not waivered. There was a rush in the housing market by those taking advantage of the final weeks of the stamp duty holiday, which in turn made any sales afterwards appear to be a downshift in October. However, November data has revealed that home buyers are still very much interested in the market.

The housing market has proved to be resilient in the last decade. Even when forecasters expect the worse and forecast gloom and doom, the housing market emerges as the hero in the role to save our economy. The impact of the pandemic was an unknown. With lockdowns and everyone forced to take on a new reality such as working, learning, eating, getting fit, and entertaining only from one’s home, it would have seemed in focus to forecast a slowed housing market, but yet buyers showed up and broke housing market records.

The housing market has continued throughout 2021 to surprise even the most optimistic forecasters. Not only has low interest rates helped to motivate home buyers, as well as the now ended stamp duty holiday, but the pandemic actually spurred buyers into the market. Lockdowns caused by the pandemic had renters and homeowners reevaluating their homes. Most were left wanting more space, not only inside the home but outside as well where families and pets could easily spend time safely outdoors. The desire for space spurred the drive to buy and was dubbed the race for space.

There had been an expected cool off in the housing market due to the stamp duty holiday deadline that ended the discount savings at the close of September. The tax holiday had been installed at the beginning of the pandemic to help motivate buyers and keep the housing market active. It worked. Many believe it was the push start that helped bring buyers into the market despite the pandemic, lockdowns, and restrictions.