Homeowners are looking to better equip their home for their pandemic lifestyle. It appears that while many are upgrading and improving their current property, a large number are choosing to move home. It could be that they are enlarging the area to accommodate a work space or study space. Some homeowners may be enlarging their home to include extended family members to allow time together rather than being apart during lockdowns.

The UK housing market has experienced yet another impressive gain. November data revealed the strongest five month gain since 2004. Home values increased 6.5% since June, with the cost of an average home rising £3,000 according to Halifax. The average house price is £253,243, which has shown an increase of more than £15,000 since the end of June.

Homeowners are having an opportunity filled moment in remortgages. There are more remortgage products on the market, many appearing in just the last week. No doubt, there will be a few more to come as lenders attempt to match the attractive and competitive offers first brought by others to the market. The opportunities are many, benefits plentiful, and there are more choices for homeowners looking to save money with a lower interest rate, grab a fixed rate to assure savings for months and years to come, or to convert built up equity into cash.

In the midst of the pandemic, homeowners have sought out remortgages for many reasons, some of which were not present pre-pandemic. The new lifestyle forced upon everyone to spend more time at home and less time socializing, going out, dining, and traveling. We are using our homes for the majority of our entertainment, our meals, for working from home, and for children it is where they attend school. Remortgages have filled the new need of transforming our homes to better suit the pandemic lifestyle.

The pandemic has changed how we use our homes. We are spending more time in them, and in turn, surprisingly, that new lifestyle has impacted the economy in new and different ways. The housing market is still doing well, retail sales associated with home life are showing strong sales, and new trends are emerging such as more home cooking and baking.

The housing market is expected to get yet another boost during the pandemic by a fresh Help to Buy scheme that is meant to help first time buyers. The new scheme will begin on 16 December and is set to run until the year 2023. This is good news for the economy as the housing market has had a positive impact. People buy homes and they spend more money to get their home ready to occupy. They have a positive impact on their new community through spending when fewer are shopping locally or able to dine out.