Rightmove Prediction: House Prices will increase by 4% in 2021
The UK’s biggest property portal ‘Rightmove’ have weighed in with their opinions on the 2021 Housing Market, predicting a 4% rise next year.
Experts have been divided on how the market will go in the coming 12 months, with 2020 seeing an incredible 7% rise in prices despite the coronavirus pandemic. The Stamp Duty Holiday has undoubtedly contributed to this rise, with prices and sales soaring as people make the most of the savings which can be as much as £15,000.
With the stamp duty holiday due to end in March 2021, buyers hopes of purchasing property within the deadline are dwindling quickly. However the property portal claims demand is still as strong, proving that the demand for new homes is there whether they receive the savings or not.
Rightmove claimed buyers will continue searching for new homes as the pandemic has unleased demand for more space and rural locations.
‘Pandemic related uncertainties have been around for nearly a year, and Brexit uncertainties for far longer, and record activity month after month has proved that movers are willing and able to act on their new or existing housing priorities,’ Rightmove said.
This is despite the stark warning by some property agents that the Stamp Duty Holiday must be extended to avoid a dramatic end to the housing demand. Coupled with Brexit and the end of the furlough scheme, the timing could be unfavourable.
However despite these hurdles, Rightmove, like many others, believe the 2021 housing market will far outperform expectations in a similar fashion to 2020. Some 650,000 are still in the process of changing hands so the beginning of the year is sure to start of on a strong footing.