Due to the effects and after-effects of Covid-19, no one can predict what the housing market will be like in the future. Some experts feel that the prices of real estate in the UK will rise in 2021, while others think that there will be a significant decrease in property value in the near future. Some experts believe that the ending of a stamp duty holiday might prove beneficial. In contrast, others believe that it is essential for the stamp duty holiday to continue for the property market to recover. Be it estate agents in Wolverhampton or real estate agents in central London, and no one can predict the future of the real estate industry with any amount of certainty. However, here are the four most important things you need to know about the UK’s housing market in 2021.
In 2021, experts predict that more and more people will choose to live in the suburbs and boroughs as opposed to metropolitan cities. Thanks to the various lockdowns, most people have started working from home. Not only has this led to an increase in home renovations, but also, people are looking at moving to bigger and better spaces. By moving out to the suburbs, which are usually a short train ride away to the central city, homeowners can buy more spacious properties, have more bedrooms, be surrounded by greenery and more importantly, have home offices. Since these properties are relatively more affordable in the suburbs and boroughs of the UK, there will be an increase in the demand for properties in such developing and upcoming cities in the future.
Formerly, house hunting meant that you drive from house to house and see at least 5 to 6 properties a day. Now, going door to door has become a thing of the past. Instead, potential buyers are looking at properties online. Using virtual tours, live tours and video tours, potential buyers can see several houses from the comfort of their homes. Based on what they like, potential buyers can shortlist a few properties to visit with their real estate agent. As time passes by, it seems that virtual viewing will become a thing of the future.
Homeowners are looking to move to more spacious properties, preferably with lush green gardens, big garages and spare bedrooms. Instead of giving up their properties in prime locations, homeowners are opting for the let-to-let option. This means that homeowners rent out their home to prospective tenants and shift into a better property where they pay rent to the owners. Homeowners are now becoming landlords as well as tenants. By doing so, homeowners can upgrade their lives and lifestyle while earning a monthly income by renting out their properties. By the end of 2021, let-to-let is going to become very common.
Earlier, potential buyers would look for homes with modular kitchens and massive storage spaces. Now, the priorities of potential buyers have changed. They are looking for homes that are spacious yet affordable, places that are away from the city yet very accessible, houses that have more bedrooms, spacious gardens, home offices, big garages and so on. In fact, internet connectivity and the speed of the interest in the area have become a number one priority, especially for potential buyers and homeowners working from home. Builders and developers have started working on projects that have shared workspaces onsite since that seems to be a widespread demand among buyers.
Even though the future of the housing market is uncertain, it seems that 2021 is a great time to invest in property. If you’re thinking about buying a house in 2021, make sure that you do your research, find an affordable property in an upcoming area, and look at properties that meet your requirements, both short term and long term!