The estate market in the UK has been experiencing a slight boom as of late. Over the previous year, countless Britons demanded better living spaces as the global pandemic forced drastic shifts in lifestyle. This demand for functional properties continues as the vaccination rollout persists throughout the country.
It’s important to note that the global pandemic has also changed the way properties are being bought and sold. From prices to viewing, all the fundamentals steps within the property market have been tweaked to accommodate the current circumstances. Likewise, those looking to buy or sell properties have also adapted to the changing times.
Market State
Countless factors can be attributed to the property market’s recent boom. The sudden outbreak of the pandemic is what initially led to the unexpected surge in property sales, which began in the second half of the previous year. However, there are other determinants that have helped to sustain this substantial increase.
There is still plenty of optimism from experts around the current state of the market, but the rush has evidently died down. Regardless, certain agencies predicted that property sales and prices would remain flat throughout 2021. Most of these agencies have since retracted their earlier forecasts as the property market continues to fluctuate.
Due to this uncertainty, if you are looking to buy property, it could be worth investigating if buying at auction would be a better bet. After you read Concierge Auctions reviews you will get a better idea of how it works and why it could be the ideal solution to save you from making a mistake when the market is so volatile.
These are the most prominent factors that have helped to maintain the trends within the property market
House Viewings
Because of the lockdowns and other government restrictions over the previous year, experienced estate agents were only limited to offer house viewings through video conferencing platforms. With the vaccine rollout ongoing, certain property markets across the country have since been opened, allowing estate agents to conduct property viewings in person.
Government guidelines still recommend virtual property viewings for potential buyers, reserving in-person viewing after seriously considering presenting an offer. Moreover, in-person viewings should still adhere to safety measures like physical distancing, proper hand sanitation, and wearing a face mask.
Government Schemes
The government has also played a vital role in stimulating the property market by implementing its various financial support schemes. For instance, the stamp duty holiday helps buyers potentially save up to £15,000 in tax upon their purchase of a property, but this is largely dependent on their region.
Most of these government schemes, including the stamp duty holiday and the furlough scheme, were supposedly set to end on March 31. However, the government has since extended these financial support schemes in certain regions to support the economy’s recovery.
Mortgage Deals
Oftentimes, financing a home can be financially overwhelming, especially without the help of good mortgage deals. While the number of mortgage deals has significantly decreased since the start of the pandemic, most experts believe that there are still plenty of favorable rates available for potential property buyers.
Average mortgage rates throughout the country have been on the rise in recent months. However, most data from analysts reassures buyers that these rates are still lower compared to pre-pandemicmortgage deals. First-time buyers are also set to benefit the most with the 95% mortgage guarantee scheme.
Property Preferences
The property market continues to ride the current wave. Despite signs suggesting a slowdown, there are still plenty of people from both sides of the spectrum who hope to capitalize on the market’s boom. In conjunction, home improvement projects have also been on the rise.
Whether it’s for buying or selling, considers these property featuresto find the best deals.
Kitchen Feels
The kitchen is often regarded as the heart of the home, and for good reason. It serves as the focal point for any particular property, whether it’s a flat or a single-family house. Finding a good kitchen should be a top priority for everybody.
For property sellers, pouring extra effort into the kitchen to make it feel functional and aesthetically pleasing will go a long way. It doesn’t necessarily have to be a costly improvement; a simple change in paint and work surfaces can significantly increase a property’s price.
For potential buyers, always visit the kitchen on house viewings. This will serve as the gathering place for friends and family. Make sure that it’s outfitted with enough appliances without sacrificing the overall ambiance of the space.
Proper Lighting
After spending more than a year indoors, most people will definitely begin looking for more open spaces. This doesn’t necessarily have to be an entire outdoor area. Simply giving the illusion of spaciousness through a lot of natural lighting should suffice.
Sellers should be wary of this when undergoing home improvements. This can prove to contribute significant returns on investment if done correctly.
Buyers should also consider this not just for wellness but for health as well. Having abundant natural lighting will also usually suggest better ventilation throughout the property.
Lasting Impressions
The outbreak of the pandemic has undoubtedly influenced the property market’s current state. While the arrival of the post-pandemic world is in sight, the drastic effects it has forced upon the nation’s economy and people’s preferences will surely linger for a while longer.
