As we enter early December 2020 and I reflect on what has happened over the past several months, this has undoubtedly been a very strange year.
Some months ago when we entered our first lockdown in March it started to look as though the property market was going to crash and there was an enormous amount of negative press. Having come through the initial lockdown and relaunched the property market back in May we have seen a significant uptake in transactions. There are lots of people looking to move for various different reasons including a number of those made more severe by the current Covid situation, like a fourth bedroom or home office or the need for some space outside.
Now we are through the second lockdown prices in Norwich over the course of the year have increased by around 6% which in any marketplace is a good annual increase. The national average figures are just below 10% this year.
We are currently still benefiting from the stamp duty holiday and there is even some murmuring of a potential extension.
I do agree that the stamp duty holiday is injecting life into the property market and encouraging people to move but I must admit I do not think it is the true catalyst as to why the market is so strong… and when the stamp duty holiday comes to an end early next year, as long as the public attitude to move remains, I see no reason why the property market will change.
Remember that interest rates are at an all time low and some of the deals out there are make borrowing money extremely cheap right now.
If you would like to discuss the implications of the economy on your home or have another property related question, then please do not hesitate to contact us on 01603 432000