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.
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.