Rightmove Offers Prediction of Continued High Demand Throughout Year

Rightmove Offers Prediction of Continued High Demand Throughout Year

The housing market is in a boom. Demand is outstripping supply. House asking prices have reached an all-time average high. The average house price across the UK has reached highs in the midst of a pandemic. The strength in the housing market could never have been easily predicted. Despite one of the factors stimulating the housing market expected to end in the months ahead, the property lister Rightmove is predicting a strong year start to finish for the housing market.

One of the boosts to the market has been the stamp duty holiday that is due to reduce at the end of June and end completely by the end of September. It had been originally set to end at the close of March. There was a strong rush to beat the deadline and then an obvious slowdown afterwards as home buyer waited to see if it was extended. When the extension announcement was made there was a ramping up of purchases. 

Rightmove is confident that the end of the stamp duty holiday on 30 September will not bring the housing market momentum to a screeching halt. They could very well be right. The dream to own a home is strong in the UK and the pandemic seems to have made it even stronger. 

Also, there is a new scheme for mortgage guarantees which allows a 5% deposit from first time buyers. That scheme will be in place throughout the year. First time buyers have been noticeably absent for many years as house prices have pushed levels out of reach, but with a smaller deposit, competitive lenders, and low interest rate mortgages offered the housing market may prove to be too good to ignore.

Currently, homes are selling at a faster pace than ever recorded, and that could stimulate hesitant home sellers to get their properties on the market. With demand high, and supply low, home buyers could get in the mode of returning over and over to the market until their dream home becomes available. 

Whether we are still in the pandemic at year end or bringing it to a close, the new lifestyles that have developed are expected to stay desired, and according to Rightmove, the housing market will stay active. 

This is good news to homeowners which should continue to see their property values grow, and with greater equity built it makes better remortgage offers possible so they can experience savings as well.

Overall, most experts are confident in the housing market throughout 2021, as should be home buyers.

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