The housing market is playing a positive role in the health of the UK economy. Despite the pandemic and another round of lockdowns, the housing market is surprising experts that were less optimistic than home buyers. According to data from the property website Zoopla, the number of sales being agreed upon is 38% higher than one year ago. They have predicted that the demand will remain and leading up to Christmas home buyers will be busy getting onto the property ladder.

Homeowners have been finding that a remortgage has much to offer in the midst of a pandemic. In fact, one recent poll found that homeowners had found relief from mental stress with a remortgage. With the ability to find savings with a lower interest rate, homeowners are able to save money on their monthly repayments. Lowering their expenses and helping their household budgets stretch further.

Families and individuals alike are looking to make the most of what appears to be a longer pandemic impact that what was first hoped. Despite the news that vaccines are on the horizon, we will still be wearing masks and social distancing way into the new year and perhaps beyond. As we are forced to spend more time at home, we are redefining what home means for us and how we use it.

Homeowners were given an early holiday gift in the form of an opportunity. Those that have already sought a mortgage repayment deferral and those still considering it have been awarded an extension. Consumers have until 31 March 2021 to apply for the mortgage holiday extension. The maximum amount of time for the holiday is six months and should end by 31 July 2021. Homeowners are encouraged to apply before the end of January 2021 to take advantage of the entire six month period.

The pandemic has changed how we view and use our homes. For many it has had to become a place where one lives, works, and studies. Baking and cooking is becoming popular and streaming entertainment is more important to do as a family than just on one’s mobile phone. Because of the changes in how homes are being used, many are looking to change their abodes to be better suited for their needs. It has helped push a boost into the housing market in spite of the economic impact from the pandemic.

Home buyers are finding it could be a very good time to make their holidays special by purchasing a new house. There are low interest rates being offered by mortgage lenders and brokers, and there has recently been a drop in the asking prices of properties on the market as the rush to beat the stamp duty deadline nears. Also, home sellers are ready to take advantage of interest in the market while the market is in demand.