Spring Expected to Bring Yet Another Boost to Housing Market

Spring Expected to Bring Yet Another Boost to Housing Market

The housing market has proven to be resilient during the pandemic. Rather than suffering, deflating, and weakening the economy, it has remained surprisingly strong. Home buyers and home movers have found the need for a dwelling to best suit their new pandemic lifestyle requires a new home. The result is the housing market has been doing quite well.

Beyond the need for a home, low interest rates have been a major motivation for home buyers. The stamp duty holiday offered even more savings. Now that the previous deadline of 31 March has been extended to the end of June, it could mean more buyers will seek to climb onto the property ladder.

Another boost to the market could be the usual and simple boost from the spring weather. The seasonal change from winter brings more buyers to the market. Sellers know the spring market is a peak time to attract the attention of buyers. With more properties brought onto the market, it can be expected that there will be a robust market through spring.

Not only will sellers benefit from assertive buyers, the buyers will benefit from low interest rate savings, and the extended stamp duty holiday. Meanwhile, homeowners will continue to see property values increase which means more built up equity. The equity could help them acquire better remortgage opportunities.

Experts have been optimistically reserved in their forecasts for the housing market in the second quarter. However, it could surprise again and outperform all expectations. The possibility is ever present as lenders continue to make mortgage deals attractive. Those waiting to take action could be coming up on a great opportunity, whether they are home sellers, home buyers, home movers, or even homeowners.

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